Unit 3 - Economics

People must make choices because of ____, or the idea that people want more things than they can have.

• economy

• goods

• market

• scarcity

Items that can be bought, sold, and traded are called ____.

• economy

• goods

• market

• scarcity

____ are tasks you pay someone to do for you.

• Economy

• Services

• Market

• Scarcity

The ____ is the system in which goods and services are bought and sold.

• economy

• services

• market

• scarcity

A place where buyers and sellers come together in called a(n) ____.

• economy

• goods

• market

• services

The total amount of a good or service that is available to buy is called ____.

• demand

• incentive

• profit

• supply

The total amount of a good or service that customers will buy is called ____.

• demand

• incentive

• profit

• supply

The amount of money earned by a business after costs are removed is called ____.

• demand

• incentive

• profit

• supply

A(n) ____ is something that leads a person to make a certain choice.

• demand

• incentive

• profit

• supply

Peter saved money in a bank. The money he saved earned ____.

• interest

• invest