Economics Quiz 2

When you pay someone to do something for you, they are providing a _____________________________.

• good

• service

• cost

When you buy something you can touch or hold, you are buying a _________________.

• good

• service

• cost

Someone who provides goods or services to sell is called a ______________.

• producer

• consumer

• teacher

Someone who buys and uses goods or services is called a ______________.

• model

• consumer

• producer

Trading a good or service that someone else wants or needs for a good or service you want or need is called _____________________.

• spending

• saving

• bartering

Choose 3 correct answers:

How is money easier to use than bartering?

• Carrying money to spend is easier than carrying a cow to barter

• It is the ONLY way to get what you need

• you do not have to have the exact item someone else wants to barter, everyone can use money

• money has the same value for everyone

TRUE or FALSE:

Because of SCARCITY we must make choices. We cannot have everything we want.

• TRUE

• FALSE

PRICE is how much something costs.

If the price is LOW ___________________________.

• more people can buy it

• fewer people can buy it

• nobody can buy it

When we take a vote on indoor or outdoor recess, the most votes wins. This is called ______________________.

• force

• majority rule

• sharing

• lottery

When someone grabs a toy from someone else, they are getting it by ______________________.

• force

• authority

• sharing

• a contest