Economy quick check

the study of the buying, making, and selling of goods and services

• good

• economics

• scarcity

If there are 4 pieces of pie and 3 people, is there scarcity?

• yes

• no

I bought a lollipop for $1 and sold it to my sister for $2. Did I make a profit or incur a loss?

• profit

• loss

The process of choosing one good or service over another. The item not chosen is the __________.

• good

• loss

• opportunity cost

I go to the doctor for a checkup. The doctor is providing a __________.

• good

• service

I buy an apple at the supermarket. The apple is a

• good

• service

• opportunity cost

I couldn't buy the mint chocolate chip ice cream because there was none left. This was because it was in high _______.

• supply

• demand

I had to get a cherry lollipop instead of blue raspberry because that was all that was left. The cherry lollipop was in high ______

• supply

• demand

Scarcity occurs when there is not enough of something and people must make choices.

• True

• False

Anyone who buys a good or a service is a _____.

• producer

• consumer