Understanding Our Economy

Items that can be used, seen, or touched are called...

• Services

• Goods

Tasks that you pay someone to do for you are called...

• Goods

• Services

• Jobs

Getting your hair cut is an example of a...

• economy

• good

• service

• scarcity

Clothing, books, and toys are all examples of...

• services

• goods

• economy

• scarcity

A place where buyers and sellers come together is called a...

• economy

• good

• market

• services

This can happen because people want more things than they can have...

• scarcity

• services

• market

• goods

The system in which goods and services are bought and sold is called...

• the economy

• the services

• the business

• the goods

When the nintendo switch first came out, it was sold out in stores. This is an example of

• goods

• services

• scarcity

• a sale

All of the businesses in a place make up the...

• money

• store

• market

• economy

A free market economy means...

• buyers and sellers are TOLD what to buy/sell

• buyers and sellers have a CHOICE

• everything is free

• the government sets the price of items