Running a Business in a Community

If a book is selling fast and there are not enough for everyone, what is most likely to happen?

• The price of the book will be lower

• Nothing

• The price of the book is going to go up

• The cost to make the book is going to go up

Are you spending money if you are depositing money in a retirement account?

If I buy a watch for 15 dollars, and then sell it for 30 dollars, what did I just make?

• A donation

• A profit

• A good

• A service

Henry Ford is a business entrepreneur who created a company that produced what?

• automobiles

• scarcity

• airplanes

• computers

Select TWO answers that have activities where you spend money

• Taking your dog to the vet for an annual check up

• Putting money in your piggy bank

• Donating chocolate chip cookies to your school

• Getting your groceries for the week

Students baked some cookies to take to the school for a fundraiser, this is a

• savings account

• spending

• donation

What is scarcity?

• When there is too much of a resource

• When people want more resources than there are available

• When people do not earn enough money to buy what they want

• A game

What do producers use to create goods or services?

• resoures

• taxes

• donations

• products

Earnings are...

• the profits made by a company or individual

• money used to pay bills, rent and groceries

• your savings

When there is an abundance of something there is...

• a lack or an insufficiency
• a scarcity or a shortage
• a large quantity or a surplus
• a limited amount or a deficit