Week 5 Social Studies

Name

A __________ is someone who makes a good or provides a service.

• producer
• consumer
• supplier
• economist

People who buy goods and services are called __________.

• producer
• consumer
• supplier
• economist

When a consumer doesn't buy enough of a good or service it may cause producers to __________ the cost of it.

• increase
• decrease
• remove
• cancel

__________ is not having enough of something.

• Opportunity cost
• Supply
• Demand
• Scarcity

Which of the following is the result of scarcity of water?

• plenty of crops
• plenty to eat
• fewer crops for harvesting
• easy production of electricity

The products a person gives up is when having to make a choice is __________.

• opportunity cost
• supply
• demand
• scarcity

__________ is the amount of product that is available.

• Demand
• Surplus
• Supply
• Inventory

__________ is the amount of product people actually want or need.

• Demand
• Surplus
• Supply
• Inventory

When there's a greater supply of something than a demand for it, it's called a __________.

• demand
• surplus
• supply
• inventory