Economics

What is bartering?

• Buying goods with money

• Trading goods

• Giving goods to your neighbor

• Selling goods in a store

What do people use their incomes for?

• selling goods that they want

• bartering for goods or services

• save money or pay for goods and services

• borrowing money from the bank

What is supply?

• how much of a good someone has

• trading with another country

• selling a good or service

• how much something costs

What causes scarcity?

• People who make goods and services cannot keep up with the demand.

• People run out of money and cannot buy things

• People lose their money because they aren't being responsible.

• None of these options are correct.

Which of these is a need?

• toys

• video games

• clothing

• computer

Which of these is a want?

• a house

• a swimming pool

• food

• water

What is a producer?

• A country who trades with other countries.

• A country who imports goods and services

• Someone who buys goods or services

• Someone who sells goods or services

What is a consumer?

• Someone who buys goods and services

• Someone who trades goods and services

• A country who exports goods and services

• A country who trades goods and services with another country

Which of these is a service that you can buy?

• a new shirt

• a rocking chair

• a hair cut

• a board game

Which option is a good that you can buy?

• going to see a movie

• an ice cream cone

• taking your dog to the vet

• getting your car fixed at the mechanic