Choice is when a person makes a decision and chooses what they want based on limited resources.

is the inability to satisfy all wants at the same time. All resources and goods are limited.

What you give up when you make a choice based on limited resources and scarcity, the thing you gave up was the

What are the three types of resources? 

Which of the following is an example of a good?

Which of the following are examples of a service?

Buy one, get one free is an example of a...

High demand/low supply = __________ price

Low demand/higher supply = _________ price

Sprint, Verizon and AT&T all working to get the business of a customer by lowering prices is called: 

The idea that companies will produce a certain amount at a certain price point is called OR the amount that a company has to sell-

The interaction between supply and demand affects price. 

Everyone who wants to sell at a specific price can, and everyone who wants to buy at that price can.

Tim is a baker who owns his own business, pays all the bills and gets to keep all of the profits.

Maggie and Seth decide to open a landscaping business together. These two owners will share the risks and the profits.

The Coca Cola company must share profits with shareholders or investors.

Someone who starts a business is called a... 

Leo lives in a small village. He trades the family crop, corn, which is what his dad and his grandfather did. The village doesn’t use money, people simply trade for what they need. Leo will be a corn farmer like his father and grandfather. What type of economic system is this?

Maria lives in an economic system where people can choose what they purchase, what they can make, etc. The government does have some rules in place to keep people (consumers/the public) safe, such as food regulations or a law that says you cannot put lead in paint. What type of economic system is this?

Lucy is a business owner (an entrepreneur) who has a business that makes the metal part on pencils, where the pencil and eraser meet. Lucy lives in an economy system where there aren’t rules on what can be produced or how it is made. The government does not intervene, and the goal is for people to make as much money as possible. What type of economic system is this?

Ricky lives in a system where the government controls and plans out everything. Ricky is told what and how much of things he can buy. Ricky was assigned a job as a factory worker to produce ventilators due to the pandemic. Ricky, and others, do not have a say. What type of economic system is this?

Which option sells goods and services.

Which option purchases goods and services from businesses. 

Which option collects taxes and revenue from businesses and individuals.