Economics Major Assessment Practice

The company decides on the ___ or how much to make.

• good

• supply

• scarcity

People who make things are called ____.

• producers

• consumers

• services

The act of selling goods from the United States to a foreign country.

• import

• export

• demand

Books, game, radios, DVDs, and xboxes are all products or ____.

• services

• goods

• demands

Teachers, nurses, and lawn companies provide a ____.

• service

• good

• want

___ is the amount of a product that people want to buy.

• supply

• demand

• scarcity

People who buy things are called ___.

• needs

• producers

• consumers

___ is the act of receiving things from a foreign country.

• import

• export

• scarcity

Food, water, and shelter are all ____.

• wants

• needs

• demands

The price of something is affected by supply and demand.

• true

• false