Economics Unit Review

A __________ is an item someone buys.

• service

• opportunity cost

• good

A __________ is when someone does something for another person.

• good

• service

• consumer

A __________ is something that is necessary to survive.

• consumer

• need

• want

A __________ is something that we desire to have, but don't have to have to survive.

• want

• need

• producer

The person who buys an item is called a __________.

• producer

• service

• consumer

The person who makes the good is called the ___________.

• producer

• consumer

• service

To ask someone for an item in return for another item, is to __________.

• barter

• trade

• good

When choosing between two items, the value of the next best thing is the ___________.

• trade

• opportunity cost

• service

When there is a short supply of an item, it is called __________.

• good

• plenty

• scarcity

At a lemonade stand, the friends sold only a few cups of lemonade. Was the...

• supply up, demand down

• supply down, demand up

• supply up, demand up

• supply down, demand down