Economics

Supply and demand determines how much an item costs.

• Traditional

• Communist

• Free Enterprise System

• Socialist

________________ are people who use services or buy goods.

• Producers

• Resources

• Pretty

• Consumers

The good or service that you give up when you make an economic choice is called _____________________.

• opportunity cost

• economic choice

• economic interdependence

• economic specialization

The term used when there is not enough of something to go around is __________________.

• scarcity

• economic choices

• resources

• opportunity cost

What type of resources are these?

• capital

• natural

• nautical

• human

Income set aside for unexpected expenses

• savings

• goods

• services

• producer

money paid to the government through income, sales, and purchase of property

• taxes

• goods

• scarcity

• human resource

goods made to use in the production of other goods

• capital resouces

• demand

• taxes

• export

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

• Produced

• Consumer

• Entrepreneur

• Want

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

• low in demand

• high in demand

• a producer

• a consumer