Economics Unit

Things we would like to have, but don't need to survive.

• needs

• wants

• goods

• services

If everyone wants an item (like toilet paper), we would say that the ____________ is HIGH.

• supply

• demand

• budget

• scarcity

Fruits and vegetables are _____________

• goods

• services

Alex is a pastry chef who sells his yummy donuts at a bakery. Alex is a ____________.

• consumer

• demand

• producer

• product

The Nintendo Switch has a new game. It is so popular, you can't find it in stores. The demand is __________ and the supply is ___________.

• high, high

• low, low

• high, low

• low, high

Someone who makes a good or provides a service to others.

• goods

• services

• consumer

• producer

When you earn money by working a job or selling goods or providing services, that money is called ___________.

• supply

• opportunity cost

• income

• budget

A haircut is an example of a ______________.

• demand

• need

• good

• service

What is NOT a choice that you have with your money?

• spend it

• donate it

• copy it

• save it

You want a new pen and notebook. You only have enough money to buy one, so you buy the pen. What is the opportunity cost?

• you

• the store

• the pen

• the notebook