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What are products we buy called?

• services

• economy

• goods

• consumer

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

• yes

• no

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

• good

• loss

• opportunity cost

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

• good

• service

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

• good

• service

• opportunity cost

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

• supply

• demand

Scarcity occurs when there is not enough of something and people must make choices.

• True

• False

Anyone who buys a good or a service is a _____.

• producer

• consumer

Anyone who makes or grows a good or a service is ____.

• producer

• consumer

I buy a pair of shoes for $50. They don't fit so I sell them to my friend for $35. Did I make a profit or incur a loss?

• profit

• loss