Unit 4 Topic 1 Part B: Economics

What is the amount of money a business makes called?

• Scarcity

• Economics

• Profit

• Service

What is a system in which goods and services are produced, sold, and bought?

• Scarcity

• Economics

• Profit

• Good

What is it called when you are not able to have all of the goods and services you want?

• Profit

• Scarcity

• Economics

• Service

What is the focus on making one product called?

• Scarcity

• Specialization

• Profit

• Economics

Which business would specialize, or become experts, to serve people better?

• doctors

• teachers

• barbers

• all of the above

Many citizens went to the store for batteries before a hurricane, but very few stores had any batteries left to sell. This is an example of _________.

• profit

• producers

• scarcity

• specialization

Liza’s family decides to open a fishing farm. Which evidence shows this is a good economic choice?

• Many people in the area like to eat and catch fish.

• Fish are hard to grow.

• Liza’s family does not like fish.

• There are already many fish farms nearby.

There is a drought in Louisiana and many fish die. There are fewer fish available for people to buy and demand is high. What will happen to the farmer’s profit?

• There will be more fish to sell and the farmer will make a lot of money.

• There will be less fish to sell and the farmer will make a lot of money.

• There will be fewer fish to sell and the farmer will lose money.

• All fish are gone forever.

Goods that are brought in are called __________________________.

• consumers

• exports

• imports

• specialization

Louisiana can export red beans. Exports are goods that are _______________.

• brought in

• services

• sent out

• thrown away