Match the word to the definition.

Which of the following situations will most likely make the price of an item go down?

• The price of the natural resources needed to make the item increases.

• The supply of the item is greater than the demand for it.

• The price of the labor needed to make the item increases.

• The demand for the item is greater than the supply of the item.

This is an economic system in which laws of supply and demand determine production:

• Market Economy

• Traditional Economy

• Command Economy

• Mixed Economy

What services does the American government provide for its citizens using tax dollars? Choose the 3 that apply.

• Schools

• Roads

• Restaurants

• Military

• Grocery stores

Which of the following best describes what would happen if Americans decided to buy only goods made in other countries?

• The American economy would stay the same.

• Many American workers would lose their jobs.

• The American economy would grow, but only in small amounts.

• Many American workers would learn how to make the same goods.

Which of the following best describes how the price of something would change if a whole lot of people wanted to buy it?

• the price would rise

• the price would drop

• the price would stay the same

• the price would be different in different places

When there is scarcity, there is ____________.

• More than is needed

• Less than is needed

• Just the right amount as needed

• Nothing is needed

You have $15.00 either to go to a movie with a friend or buy a new CD by your favorite band. You decided to buy the CD. Which of the following is the opportunity cost?

• Buying the CD

• Giving up the movie

• $15.00

• There is no opportunity cost

Which business is the most specialized?

• Walmart

• Lou's Shoes

• Dollar General

• Target

The assembly lines revolutionize manufacturing by:

• increasing production speed and efficiency

• reducing the need for any workers

• making products more expensive

• eliminating the use of machines

As a consumer, when you are considering buying a product and you find two of the product for a similar price, what characteristic would you look at to help you make an economic choice on which to buy?

• Quality of the product

• Brand popularity

• Color of the packaging

• Advertising slogan