Economics Review

Check the following items that are WANTS.

• food

• candy

• shoes

• jewelry

Check the following items that are needs.

• food

• candy

• clothes

• jewelry

A person who starts their own business is called a/an

• Produced

• Consumer

• Entrepreneur

• Want

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

• good

• service

• opportunity cost

When many people want to buy the same item, it is considered to be

• low in demand

• high in demand

• a producer

• a consumer

According to a recent newspaper story, more Americans own dogs than ever before. As a result, ten new companies start making and selling dog food. What will probably happen to the overall supply of dog food?

• The supply will probably go up.

• The supply will probably go down.

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

• producer

• consumer

A savings account has a guaranteed return of approximately 0.75% of what you invest. This is an example of a ____________-risk investment.

• Low

• Moderate

• High

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

• good

• service

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

• True

• False