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