Economics

What is the definition of supply?

• the desire to buy goods

• the price you pay for something

• the amount of money it costs to make something

• the amount of items available

Which of the following descriptions BEST explains supply and demand?

• A shoe company changes the kind of  shoe they make depending on what kind of  shoe kids are buying.

• A shoe company makes one style of  shoe. It never changes what it makes.

• A shoe company went out of business because their shoe supplier went out of business. 

• A shoe company only makes the style of  shoe that the government tells it to make.

The government uses______ to pay for items such as public schools and libraries

Which of the following is an example of a voluntary exchange?

• making your favorite food at home

• buying food at the grocery store that offers a variety of choices

• buying food from the government store that limits the types of food

• not buying food because the laws forbid food from being sold where you live

In a market economy, what are prices based on?

• goods traded for services

• the government's rules

• supply and demand

• all products at the same price

The things that

other people do

for you are called

• supply

• demand

• service

• producer

A ___ is a something that is made or grown

and can be held or touched.

Money that people must give to the government to pay for community needs...

• taxes 
• income 
• savings 

Lady cutting a dog's hair

• Producer

• Consumer

Lady getting her hair cut.

• Producer

• Consumer