Economy

A(n) ___________ is a system of producing, selling , and buying goods and services. The study of economies is called economics.

• economy

• profit

• demand

The value of the thing you give up in the tradeoff is called a(n) ___________.

• profit

• scarcity

• opportunity cost

___________ is the amount of a  good or service that businesses are willing and able to produce.

• demand

• scarcity

• supply

____________ is the desire to have a good or service and the number of people who are ready to buy it at a certain price.

• supply

• profit

• demand

Another word for benefits is ___________.

• incentives

• profits

• demands

___________  is a major incentive for both individuals and businesses.

• incentive

• supply

• profit

The _____________ or the desire to make a profit, is essential in many economies.

• supply motive

• profit motive

• demand motive

Tags

NGSS.HS-ESS3-2

NGSS.HS-ETS1-3

To understand how societies answer those questions, economists do not study factors of production.

• true

• false

Tags

NGSS.HS-ETS1-1

NGSS.HS-ETS1-3

A reduction of a business because supplies are scarce and customers buying the supplies at a higher price is called a ___________. 

• profit

• contraction

• demand

The profits from the greater crop yields could allow the ____________ of a farmer's business.

• expansion

• explosion

• expiration

Tags

NGSS.MS-ESS2-4

NGSS.MS-LS1-5