Trade and Markets

Barter system is the exchange of goods and cash.

• True

• False

Which of the following are qualities of money?

• It's Portable- can be carried around easily.

• It's Durable- lasts a long time without breaking down.

• It's Acceptable- accepted as payment for goods & services.

• It's Divisible- can be divided into smaller units.

• All of the above are qualities of money.

Which of the following examples show bartering?

• Bob needs apples so he walks down to the local apple grower and exchanges 5 of his oranges for 5 apples.

• Ms. Thomas brought her puppy a pup cup from Starbucks. Her puppy was happy!

• Mrs. Rowland went to the grocery store and bought beef jerky.

• Mrs. Whetstone went to an auction & bid $1000 for a truck full of pickles.

Which of the following scenarios shows trade through currency?

• Cindy exchanges 2 eggs for 2 cups of flour with her neighbor.

• Ms. Thomas purchased a dog from a breeder.

• Mrs. Huff traded her 2 pieces of chocolate for Mrs. Whetstone's piece of cake.

• None of the above show trade through currency.

What will happen to the price of teddy bears if puppy dogs become the most popular stuffed toy?

• The price will increase

• The price will decrease

What will happen to the price of soccer balls if more and more boys and girls are learning to play soccer?

• The price will increase

• The price will decrease

What will happen to the price of tomatoes if more farmers decide to start growing tomatoes?

• The price will increase

• The price will decrease

This part of the market determines DEMAND

• buyers
• sellers
• suppliers
• store owners

This part of the market determines SUPPLY

• buyers
• sellers
• consumers
• us

Farmers in California have had wonderful weather. They have produced the largest crop of watermelons in years. What will happen to the price of watermelons?

• The price will go up.
• The price will go down.