Economics Summative Review

When there are not enough resources to produce all the goods and services that people want it is called ___________________.

• budget

• market

• opportunity cost

• scarcity

A _______________ is a plan to use income wisely including spending and saving.

• budget

• market

• opportunity cost

• scarcity

A _______________ is where buyers and sellers exchange goods and services.

• budget

• market

• opportunity cost

• scarcity

When you give up one thing to buy another thing it is called ____________.

• budget

• market

• opportunity cost

• scarcity

Select consumer or producer for the example below:

BUYING A TOY

• producer

• consumer

Select consumer or producer for the example below:

EATING A HAMBURGER

• producer

• consumer

Select consumer or producer for the example below:

GROWING CROPS

• producer

• consumer

Select consumer or producer for the example below:

MAKING COOKIES

• producer

• consumer

Which story showed the importance of budgeting money?

• Alexander, Who Used to be Rich Last Sunday

• A Chair for My Mother

Which of the following are examples of goods? (Choose two)

• sandwich

• Getting your nails done

• New shoes

• Getting a hair cut