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Chapter 4-Logan

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



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