Scarcity
Supply and Demand
This and That
Opportunity Cost and MORE
Specialization
100
This is what happens when the supply is low but the demand is high.
What is scarcity.
100
The number of items produced or manufactured.
What is supply.
100
The study of the production, distribution and use of products and services.
What is economics.
100
What is given up when an economic choice is made.
What is opportunity cost.
100
A book store would be an example of this.
What is specialized store.
200
This is an example of a real world item that may be scarce.
What is _____________. Answers may include money, gold, oil, etc.
200
The number of people that want to purchase an item.
What is demand.
200
This exists when there are buyers and sellers.
What is a market.
200
When you sale an item you made you are this.
What is a producer.
200
This term refers to a store being dependent on another store.
What is interdepence.
300
This is an item that typically would NOT be considered scarce.
What is ___________. Answers may include pencils, erasers, cookies, etc.
300
This can cause price to either increase or decrease.
What is supply and demand.
300
When you borrow money from a financial institution with the promise to pay it back.
What is a loan.
300
You become this when you buy something.
What is a consumer.
300
This would happen to the price of a sandwich if the price of vegtables went up.
What is the price of the sandwich would go up.
400
This is one reason an item may be scarce.
What is the supply is low OR the demand is high.
400
When supply is high and demand is low this happens to the price.
What is price goes down.
400
The type of economic system in America.
What is free enterprise.
400
In the US the price of an item is determined by this economic term.
What is supply and demand.
400
Wal-Mart is NOT an example of this type of store.
What is a specialty store. (specialization)
500
This is an economic term that means the opposite of scarcity.
What is surplus.
500
This would cause the price of an item to go up.
What is low supply and high demand. (scarcity)
500
The amount of profit you make if you spend twenty dollars producing an item, and you sale it for fifty dollars.
What is $30.00
500
Scarcity requires people to make these.
What are choices.
500
This is a real world example of a store that offers specialization.
What is ____________. (A pet store, a meat market, a bicycle shop, etc.)
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