Chapter 9: Making a Living in Nebraska

Define economics.

• The study of how people get the goods and services they need and want.

• The study of ancient civilizations and their cultures.

• The study of weather patterns and climate change.

• The study of physical fitness and exercise routines.

Define scarcity.

• A shortage of something.

• An abundance of resources.

• A type of currency.

• A form of entertainment.

Define import.

• To bring goods into a country from another place for sale.

• To send goods out of a country for sale.

• To produce goods within a country for local use.

• To ban the entry of goods into a country.

When the price of bananas goes up,

• Supply of bananas goes down.

• Demand for bananas goes down.

• Supply of bananas stays the same.

• Demand for bananas stays the same.

When there is a scarcity of a good or service, the

• Price for the good or service stays the same.

• Price for the good or service goes up.

• Demand for the good or service goes down.

• Supply of the good or service goes up.

One reason Nebraskans are looking for other sources of energy is because

• Wind energy is not easy to make all year long.

• Coal and natural gas pollute the environment.

• Hydroelectric power costs a lot of money.

• The state has very little biomass for fuel.

This list tells about

• J.J. Simon

• Warren Buffet

• Rose Blumkin

• Lance Morgan

What is agribusiness?

• A type of business that only focuses on farming.

• Companies that produce agricultural products and services.

• A business that only sells groceries.

• A type of business that only provides loans to farmers.

Which of the following types of businesses are part of agribusiness?

• Only farms that grow crops.

• Businesses that make tractors, grocery stores, and banks that lend to farmers.

• Restaurants that serve farm-to-table food.

• Only feed and seed stores.

Why are entrepreneurs important to Nebraska and the world?

• They only create jobs in tech industries.

• They start businesses that produce goods and services and employ people.

• They offer free products to everyone.

• They do not take any financial risks.