Economics

Front

the study of the buying, making, and selling of goods and services

Back

economics

Front

If there are 4 pieces of pie and 3 people, is there scarcity?

Back

no

Front

I bought a lollipop for $1 and sold it to my sister for $2. Did I make a profit or incur a loss?

Back

profit

Front

The process of choosing one good or service over another. The item not chosen is the __________.

Back

opportunity cost

Front

I go to the doctor for a checkup. The doctor is providing a __________.

Back

service

Front

trading one good or service for another is

Back

bartering

Front

I buy an apple at the supermarket. The apple is a

Back

good

Front

I give Sam $4 for a sandwich. Is this an example of bartering?

Back

no

Front

I couldn't buy the mint chocolate chip ice cream because there was none left. This was because it was in high _______.

Back

demand

Front

I had to get a cherry lollipop instead of blue raspberry because that was all that was left. The cherry lollipop was in high ______

Back

supply