Economy Review

The study of making, buying, and selling goods and services is called _________________________

• Supply and Demand

• Economy

• Communities

• Scarcity

You have 2 bottles of hand sanitizer but you want a pack of Clorox wipes. Your friend has a pack of Clorox wipes but wants a bottle of hand sanitizer. What could you do to both get what you want?

• Trade

• Scarce

• Demand

• Natural Resource

Which of the following is a NEED?

• Toy

• Computer

• Food

• Doll

Things that we MUST have are called?

• Barter

• Needs

• Wants

A person who provides a good or a service is called a _______________

• Consumer

• Producer

• Supply

• Demand

When something that we want is running low, it is called ____________________

• Trade

• Scarcity

• Economy

• Opportunity Cost

What does SUPPLY mean?

• It is how much of something you have.

• It is how much people want something.

• It is when you make something and sell it.

• It is when you buy something for yourself.

What does DEMAND mean?

• It is how much of something you have.

• It is how much people want something.

• It is when you make something and sell it.

• It is when you buy something for yourself.

If I buy a vegetable at the grocery store, am I a producer or a consumer?

• Producer

• Consumer

True or false. America imports things from other countries.

• True

• False