Week 27 Texas Studies Weekly

Article 1: Free Enterprise System

1. What kind of system means that businesses, goods, and services are determined by people's wants?

• wants and needs

• free enterprise system

• public goods and services

• private good and services

Article 1: Free Enterprise System

Who can start their own business in the United States?

• anyone can

• only parents

• nobody can

• only teachers

Article 1: Free Enterprise System

What determines which goods and services are created and sold?

• businesses

• other countries

• the government

• people's needs and wants

Article 2: Supply and Demand

_ means how much of a good or service is available to buy.

• demand

• needs

• supply

• wants

Article 2: Supply and Demand

What word refers to how many people want or need something?

• demand

• needs

• supply

• wants

Article 2: Supply and Demand

When the supply of a goodis low and the demand is high, what happens?

• the price goes up

• everybody buys it

• the price goes down

• the store gives it away

Article 3: Scarcity and Surplus

What word means there is more supply of a good or service than people demand?

• needs

• scarcity

• surplus

• wants

Article 3: Scarcity and Surplus

_means the demand for a good or service is more than the supply.

• Needs

• Scarcity

• Wants

• Surplus

Article 3: Scarcity and Surplus

Which of the following makes the price go down?

• needs

• scarcity

• surplus

• wants