Economics Review

What is supply?

•  the amount of a good or service that a producer wants to sell. 
• the amount of something that a consumer wants to buy. 
• the lack of a resource.
• something is what you give up to make it or buy it.

What is demand?

•  the amount of a good or service that a producer wants to sell. 
• the amount of something that a consumer wants to buy. 
• the lack of a resource.
• something is what you give up to make it or buy it.

What is barter?

•  free trade between countries.
• goods shipped out of a country and sold somewhere else. 
• goods and services that a country buys from other countries.
• goods and services are traded for other goods and services. 

What is exports?

•  free trade between countries.
• goods shipped out of a country and sold somewhere else. 
• goods and services that a country buys from other countries.
• goods and services are traded for other goods and services. 

What is imports?

•  free trade between countries.
• goods shipped out of a country and sold somewhere else. 
• goods and services that a country buys from other countries.
• goods and services are traded for other goods and services. 

What is a recession?

• When the economy grows very slowly or shrinks.
• a continued rise in prices or the supply of money.
• an economic system in which custom decides what people do, make, buy, and sell.
• an economic system in which a central government decides what goods will be made and who will receive them.

What is a inflation?

• when the economy grows very slowly or shrinks.
• a continued rise in prices or the supply of money.
• an economic system in which custom decides what people do, make, buy, and sell.
• an economic system in which a central government decides what goods will be made and who will receive them.

What are resources?

• something that is useful.
• the ability of people to do work.
  
• money and goods used to help people make or do things.
• he use of advanced methods to solve problems.

What is labor?

• something that is useful.
• the ability of people to do work.
  
• money and goods used to help people make or do things.
• he use of advanced methods to solve problems.

Which is the correct four resources needed for an economy to fuction?

• A.
• B.
• C.
• D.