Economy Review

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

• yes

• no

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

• good

• loss

• 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

Air, shelter, and food are all examples of ______________

• needs

• wants

The amount of goods or services available is called?

• supply
• demand
• producer
• consumer

When there is a shortage the price will usually? 

• rise
• fall
• remain the same
• equilibrium

Tools we use to make products

• capital resources
• human resources
• natural resources
• entrepreneurs

A drought has made this year's tomato harvest smaller than usual. What will probably happen to the overall supply of tomato sauce?

• The supply will probably go up

• The supply will probably go down

A system where people can own their own business of their choice is called _____________.

• Planned System

• Options System

• Market Economy or Free Enterprise

• Taxes

A person who makes a product in the product market is called ___________________. 

• Consumer
• Clerk
• Worker
• Producer