Economics Study Guide

Front

Audri's dad started a new business that puts steps on the porches of new houses. He is a(n)

Back

Entrepreneur

Front

Claire and Adison traded a cookie for a cupcake today at lunch. This is an example of

Back

bartering

Front

We have 22 computers and 26 students. This is an example of

Back

scarcity.

Front

When supply is high and the demand is low, the price for goods

Back

goes down.

Front

Terra cleaned Kara's cubby out so Kara would clean Terra's table off. This is an example of

Back

bartering.

Front

When a clothing manufacturer announces that it will no longer make its most popular women's tops, what do you think will happen to the price of the tops?

Back

the price will go up.

Front

What is an example of a service? Options: sugarcane, natural gas, fireman, wood

Back

fireman

Front

Reason for putting Hatchimals on sale?

Back

The demand is very low.

Front

Mrs. Secrist is buying goodies for her class Christmas party. She has 24 students to buy for. Which of the following items is SCARCE? Options: 17 paper plates, 28 forks, 32 gift bags, 24 cupcakes

Back

17 paper plates

Front

Surplus

Back

When an item has a high supply and a low demand.