At $2 a bag, shoppers in one town will buy 500 bags of apples in a week. At $4 a bag they will buy only 200. Those numbers describe what?

A hurricane damages Florida orange groves, so far fewer oranges reach stores. Shoppers still want the same number of oranges as before. What most likely happens to the price of oranges?

Many more families in a city suddenly want to buy fresh strawberries, and the number of strawberries shipped to the city stays the same. What most likely happens to the price of strawberries?

A town's farmers all have an unusually good harvest, so twice as many tomatoes arrive at the market. The number of shoppers stays the same. What most likely happens to the price of tomatoes?

Winter arrives and far fewer people want to buy ice cream, while ice cream makers keep making the same amount as before. What has changed in this market?

In an arid basin, fresh water is limited, but the people living there want more water than is available. What do economists call this situation?

A town has one open piece of land. It builds a market there instead of the park it also wanted. What term names the park the town gave up?

New England's thin rocky soil and short growing season made large cash-crop farming hard, but the region had a long coastline and thick forests. Which economic activities grew there instead?

The Middle Colonies had fertile soil and a mild climate, and farmers there grew so much wheat and other grain for export that the region was called the breadbasket of the colonies.

The Southern Colonies had a warm climate, a long growing season, and wide coastal plains crossed by rivers. Which crops became their main exports?

Along the fall line, rivers drop over rapids from higher land, and boats cannot travel farther upstream. Why did colonists build busy mill towns right at the fall line?

A coastal town has a deep, sheltered natural harbor. This gives the town an advantage in trade because ___.

The Erie Canal opened in 1825, linking Lake Erie to the Hudson River. Which product traveled east along the canal in the largest amounts?

A region with rich iron ore makes tools, while a nearby region with good soil grows grain. The two regions then trade with each other. Why does this trade make sense?

A shoe factory depends on rubber shipped from another country, and that country buys wheat grown on American farms. What do economists call regions and countries relying on each other this way?

A United States company sends wheat to another country to be sold there. For the United States, that shipment of wheat is ___.

Two colonial farmers trade a barrel of corn for a bag of iron nails, and no money changes hands. What is this kind of exchange called?

A baker buys flour from a mill and sells bread to families in town. When the baker buys the flour to use in the bakery, the baker is acting as ___.

What does supply mean in an economy?

What does demand mean in an economy?

If many people want a toy but stores have only a few left, what will most likely happen to the toy's price?

When stores have more apples than customers want to buy, what is this situation called?

Which situation is the best example of scarcity?

Why did many U.S. cities grow near rivers, lakes, or oceans?

Which is a natural resource that can affect a region's economy?

A region with rich soil and a long growing season is likely to have which economic activity?

What is specialization?

If Florida grows oranges and trades them with another state for wheat, what idea does this show?

In a market economy, prices can help producers decide what to make.

What is an opportunity cost?

In economics, a consumer is someone who buys or uses goods and services.

Which person is acting as a producer?

What is an import?

What is an export?

A region is covered with thick forests of tall trees. Which industry is most likely to grow there?

How can mountains affect an economy?

If a drought damages corn crops, what is the most likely effect on the supply of corn?

When transportation costs rise, the prices of goods in stores often go up too.

Which choice is a service rather than a good?

Which is an example of a capital resource?