Economics and Trade

Someone who makes a product to sell is a ____________.

• human resource
• consumer
• producer
• trader

Lucas fixes his friend's sink.  He is providing a _____________.

• trade
• opportunity cost
• product
• service

Who buys goods or services?

• Producers 
• consumers 

The amount of a good or service that is available to consumers

• Supply
• Demand
• Saver
• Spender

What happens to the price of objects when the demand for them decreases?

• The price will go down
• The price will go up
• The price will stay the same
• They will be free

Physical items that you can touch and see are called:

• Goods
• Needs
• Services
• Wants

If there is a huge demand for an item and the supply is very low, what will happen to the price?

• The price will decrease
• The price will increase
• The price will stay the same.
• They will be free.

 Giving a haircut

• example of scarcity
• example of a service
• example of a good
• example of a consumer

Farmers in California have had wonderful weather. They have produced the largest crop of watermelons in years. What will happen to the price of watermelons?

• The price will go up.
• The price will go down.

Cold weather in Florida has damaged this year’s orange crop. Farmers have only half of the usual amount of oranges to sell. What will happen to the price of oranges?

• The price will go up.
• The price will go down.