Social Studies Unit 3

What is the study of how people use money, goods, and services?

• Social Studies

• Economics

• History

• Money

Someone who buys goods or services from others is called a ________

• Buyer

• Seller

• Owner

• Producer

Which words mean "to give up one item for something else"? Choose all that apply.

• feature

• exchange

• currency

• trade

• scarcity

What is a shortage of a good or service called?

• trade

• demand

• supply

• scarcity

When products are scarce, the price of the item will go up.

• False

• True

___________ is the amount of goods that are available.

• trade

• demand

• supply

• scarcity

The number of people who want or need something is known as ____________

• trade

• demand

• supply

• scarcity

A country's money system is called _____________

• symbol

• supply

• currency

• economics

In what form does money come in?

• Pesos

• Dollars

• Paper bills and coins

• supply

What are the characteristics of money? Choose all that apply.

• portable

• divisible

• durable

• recognizable