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What determines the price of a good or service?
His opportunity cost
Sale price
High
Why will it be produced?
The influence of supply and demand on each other
Bread prices will go up
Production
Scarcity
A winter storm downed power lines and left the town without electricity for a week. Stores quickly ran out of supplies consumers wanted to buy. What economic term is described?
His opportunity cost
Sale price
High
Why will it be produced?
The influence of supply and demand on each other
Bread prices will go up
Production
Scarcity
Mike has $10. He can buy a CD or a shirt. He decides to buy a CD. What term best represents the shirt?
His opportunity cost
Sale price
High
Why will it be produced?
The influence of supply and demand on each other
Bread prices will go up
Production
Scarcity
Maggie did not buy a shirt she wanted until it went on sale. What was her incentive to buy the shirt?
His opportunity cost
Sale price
High
Why will it be produced?
The influence of supply and demand on each other
Bread prices will go up
Production
Scarcity
Which of the following is NOT one of the three basic economic questions?
His opportunity cost
Sale price
High
Why will it be produced?
The influence of supply and demand on each other
Bread prices will go up
Production
Scarcity
Farmers in the Midwest report that a drought has damaged much of the wheat crop that is used to make bread. What is most likely to happen as a result of the drought?
His opportunity cost
Sale price
High
Why will it be produced?
The influence of supply and demand on each other
Bread prices will go up
Production
Scarcity
If supply is low and demand is high, the price of an item will be?
His opportunity cost
Sale price
High
Why will it be produced?
The influence of supply and demand on each other
Bread prices will go up
Production
Scarcity
What do you call the process of combining resources to produce goods and services
His opportunity cost
Sale price
High
Why will it be produced?
The influence of supply and demand on each other
Bread prices will go up
Production
Scarcity
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