Economics Review

A sports clothing store decides not to offer shoes, and instead to focus on uniforms. What is the opportunity cost?

bringing items into your country

people and businesses who make and sell goods and services.

______________ want to make money, so they give money to a business or project first. It takes money to make money!

Which item would a country IMPORT because of a scarcity of woodlands?

The money that you earn at your job is called

_______________ is an action or work that someone provides to help.

The local electronics store offers students a 15% discount for straight A's. This is an example of a company's...

If supply is high and demand is low what will most likely happen to prices

A producer goes to a store to purchase goods.

Why does Halloween candy go on sale in the days after Halloween?

short supply

Why does the US import an item like Olive Oil, which needs a Mediterranean climate to grow?

the amount of something– either good or a service– that is available to consumers.

A resource that the sun might give us is...

_______________ are the actual products that people buy and sell.

When a company decides to focus their labor on a specific type of production or a specific task, this is

As a business owner, you hope your demand...

What would happen to the price of socks if the demand was low and supply high

more than enough

An ________ is a person who starts a business hoping to make a profit.

The people who buy or use up goods and services are called

If a country can't make everything they need or want they can...

Not enough

how much of something—either a good or service– that consumers want.

When countries become very good at making a certain product, they

send goods to another country to sell

Plenty

If demand is high, usually