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Study Guide

What occurs when the value of money declines, and goods and services become more expensive? Inflation
A person who purchases goods or services is a _____? consumer
If the cost of the steel goes up considerably, what will most likely happen to the prices of new cars? the prices will go up
In a ____________, individuals can trade an established form or currency freely for the goods and services they need, and can choose among many suppliers. market economy
Pete owns the only hamburger stand in Smallville, and charges $2.00 for a burger. A big chain restaurant comes to town, and charges $1.00 for a burger. What will Pete have to do to stay competitive? lower his prices
The law of _______ says that consumers will pay a higher price for something if it is in short supply. supply and demand
{True or False } The number of sellers offering a specific product in a specific area does not affect the price consumers pay for the product. false
When a particluar item is very difficult to find or obtain, _______exists, scarcity
Which is an example of a basic need? a] cola b] tea c]water d] juice water
How does scarcity lead to choices for the consumer? a] it affects what you will buy b] it affects what you will sell b] It affects what you will buy c] it affects what you will discontinue d] it affects what you will produce B
Created by: JSwindle7



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