Economics

A person who starts their own business is called a/an

• Produced

• Consumer

• Entrepreneur

• Want

Last spring, toilet paper was an example of a SHORTAGE/SCARCITY.

• True

• False

When many people want to buy the same item, it is considered to be

• low in demand

• high in demand

• a producer

• a consumer

When there is more than enough of a product to sell, this is considered

• a consumer

• a scarcity

• a shortage

• a surplus

Everyone wants to buy the brand new gaming system that has just come out in stores. This means the price of the gaming system will be high.

• True

• False

You asked your parents to buy you the new gaming system that just came out. This is an example of a ___________.

• need

• want

Check the following items that are needs.

• food

• candy

• clothes

• jewelry

Check the following items that are WANTS.

• food

• candy

• shoes

• jewelry

Weather forecasters expect a hot, dry summer in the parts of Africa where bananas grow. Bananas do not grow well in hot and dry weather. What will probably happen to the overall supply of bananas?

• The supply will probably go up.

• The supply will probably go down.

A drought has made this year's tomato harvest smaller than usual. What will probably happen to the overall supply of tomato sauce?

• The supply will probably go up.

• The supply will probably go down.