Pasadena ISD: Grade 3 Social Studies Economics - Free Market Economy Quick Check 1 What completes the graphic organizer? People have the freedom to start businesses and run them to make a profit The business owners decide what to produce and sell based on what they believe the consumers want. A Ina school B Ina free market economy € Inarace D In sports 2 What is a consumer? A Aperson that buys a product or a service B Aperson that sells a product C Aperson that doesn't pay taxes D Aperson that sells a service 3 The goods and services offered by a business are called the world demand supply compass rose vom>4 Read and answer the question. Bad weather destroyed the orange crop in Florida, there is a shortage of oranges at the grocery store. People still want to buy oranges, but there are fewer oranges for sale. The supply is not enough to meet the demand and the price of oranges increases. The shortage of oranges is an example of . A Cardinal directions B Intermediate directions € Too many oranges D scarcity 5 What is a tax? A Acountry B Aservice C Assmall fee on items that we buy D Asupply