Economy

The place where goods and services are exchanged

• barter
• currency
• market
• resource

When there is very little of something

• scarce

• monopoly

• standard of living

A person who purchases a product is called a ________________________. 

• Producer
• Consumer
• Client
• Banker

The money left over after a business pays for its costs is called a ________________. 

• Producers
• Consumer
• Entrepreneur 
• Profit

There is a _________________ for a product when consumers want to buy it. 

• Demand
• Supply
• Request
• Opportunity Cost

When consumers spend more ________________the economy will flow ___________________.

• credit/slower
• time/slower
• time/faster
• money/faster

What is unemployment?

• Getting a new job.
• Not being able to find a job.
• Jobs
• Being mean to your boss.

A person who makes a product in the product market is called ___________________. 

• Consumer
• Clerk
• Worker
• Producer

Which of the following is a good?

• cutting grass
• car wash
• apple
• restaurant

Which of the following is a service?

• car
• shoes
• waiter
• computer