Economics Review

When a person has a job and earns money, what is this called?

• income

• debt

• credit

• budget

If you have a "written plan for money", what does this mean?

• service

• good

• budget

• consumer

This is an economy in which people decide how much to pay for an item or service.

• Service

• Free Market

• Scarcity

• Demand

These are also known as buyers.

• consumers

• producers

• good

• service

Getting your a haircut is an example of...

• good

• service

• demand

• consumer

This is when there are not enough resources for everyone.

• scarcity

• supply

• surplus

• good

An example of a good is ice cream.

• True

• False

When someone else mows your lawn during the summer, this is a good.

• True

• False

A pool man goes around to houses and cleans pools to earn money. This is considered a...

• service

• good

• supply

• demand

Strawberries are an example of this...

• food

• service

• dessert

• good