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Chapter 4-Logan
| Question | Answer |
|---|---|
| One effect of scarcity is that consumers are ________likely to have their needs and wants _________. | less met |
| The map showing global trade, helps us to see that the U.S. plays an important role in global trade because of the number of _____________partners it has. | trading |
| If the supply becomes greater than the demand, the price of the product will __________. | fall |
| Trumpet lessons and babysitting are examples of ____________. | services |
| A good that is brought in from another place and sold in the U.S. is called an_____________. | import |
| We could predict that Lesson 1 will give examples of people's ____________ and __________because it tells us it will be about economies existing to satisfy their needs and wants. | needs wants |
| If a family has to choose between buying a better car and taking a vacation, they must consider the ____________ __________ of the vacation. | opportunity cost |
| If the demand for a product increases, it will cause the business to ____________the price of the product. | raise |
| Video games and shoes are examples of _____________. | goods |
| The United States government and the people of the United States both _______________ and _______________goods and services. | produce consume |
| A good that is shipped from the U.S. to another country and then sold there is called an _______________. | export |
| A woman who owns a business in which the government sets the prices operates in a ____________economy. | command |
| The difference between taking a guess and making a prediction is that a prediction is an __________guess based on certain ___________. | educated clues |
| One effect of the price of a product decreasing is that consumers will have ________money to spend on other products. | more |
| Money is used instead of bartering because it can be traded for anything, it's easy to carry, it can be divided into smaller quantities, and it is ___________. | uniform |
| If the supply of a product is low and the demand for that product is high, then the price of the product will _________. | rise |
Created by:
Mrs. Logan