Read Chapter 3 and answer the following questions.

• 1) List and explain three economic roles that each person performs.
  
• 2) What does the dollar vote do?
  
• 3) What helps determine supply?
  
• 4) What does knowing the demand tell a business?
  
• 5) What happens if a price is too high?
  
• 6) What happens if a price is too low?
  
• 7) How does demand affect prices?
  
  How does supply affect prices?
  
• 8) Name two ways competition affects prices.
  
• 9) What is the most important factor in determining your standard
  of living?
  
• 10) What is productivity affected by?
  
• 11) What has enabled our country to achieve among the highest
  standard of living in the world?
  
• 12) What is collective decision-making?