Will give brainlest 1. Define scarcity in terms of wants.

2. What are the three questions of economics?

3. Land, labor, capital, and entrepreneurship are called what economic term?

4. What is another word/term for an entrepreneur?

5. What is the reason most individuals want to open a new business?

6. Jim spends two and a half hours and $40 at the movies the night before an exam. What is the opportunity cost of this decision?

7. In a command economy, who decides what goods and services will be produced?

8. In capitalist economies how are prices set?

9. What is happening in the graph? (Supply or demand, increase or decrease, and is it quantity or not?)

10. What happens to the price and to quantity at this new equilibrium?

11. The law of supply says that as price rises, what will happen?

12. What will a high price do to consumers buying, and what will it do for producers?

13. If gas production drops for the year, how would it affect prices?

14. The law of Demand says when the price rises, the quantity demanded , and when prices fall, the quantity demanded of a good will .

15. If items are economic compliments, and demand for one increases, what will happen to the other item, typically?

16. Due to technological advances, individuals are able to buy and download music from the Internet as opposed to simply buying music from a store.
How would this technology affect the compact disc market? (Supply or demand? Increase
or decrease?)

17. What are the determinants of supply?

18. What do consumers do in the market to impact or influence what is produced?