Economics Review

The amount of a product available

• demand

• opportunity cost

• scarcity

• supply

If there are 25 students that need a social studies book, but the teacher only has 20, this is an example of what?

• demand

• opportunity cost

• scarcity

• supply

Emily has the choice between buying her new favorite movie on DVD or getting the new pair of sandals she has been wanting. If Emily chooses the shoes, what is her opportunity cost?

• the shoes

• the movie on DVD

• both the shoes and the DVD

• the price of the items she buys

Someone that provides a good or a service is known as the

• consumer

• buyer

• seller

• producer

Someone that buys a good or a service is known as the

• consumer

• entrepreneur

• seller

• producer

Roger is trying to make some money mowing lawns. He posted flyers on his street, but has only gotten a few customers. What could he do in order to get more customers?

• mow lawns without asking, then ask for money

• post flyers on other streets nearby

• charge a higher price for his service

• stop mowing lawns

Opportunity cost is

• the selling of a good or service

• not having enough of a good or service to meet the demand

• what you give up when you choose to buy or do something else

• someone who buys a good or a service

People earn an income by selling their labor. Which sector of the American economy does this describe?

• businesses

• banks

• households

• government

This sector of the American economy provides checking accounts. It is the _______________ sector.

• household

• banking

• business

• government

Which sector of the American economy collects taxes from the people?

• households

• banking

• businesses

• government