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Economics Review

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  • What happens if a store raises the price of TVs?
    Fewer people will buy TVs there.
  • Someone who makes or grows goods, or offers services
    producer
  • In December, the ______ for Christmas trees high.
    demand
  • How much consumers want something
    demand
  • In the winter months, there may be a low supply of fruit. This might cause the price to _____.
    increase
  • Things that are made or grown that people buy
    goods
  • Something people must have to live
    need
  • Not having enough of something to go around
    scarcity
  • someone who buys goods or services
    consumer
  • A store has too many notebooks. What should they do?
    Lower the price
  • The ability to earn money by using its resources
    economy
  • Work that someone does for someone else
    Service
  • Someone that takes the risk of starting their own business
    entrepreneur
  • Jenny buys lemons, sugar, and cups for her lemonade stand. She's being a ______.
    Consumer
  • The things we give up when we make a choice
    opportunity cost
  • Jenny sells lemonade to her neighbors. She's being a...
    Producer (and entrepreneur)
  • The amount of something available to customers
    supply
  • Something people would like to have
    want
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