Basic Economics

What is the definition of barter?

• To trade in order to get what you want.

• To invest in stocks.

• To own many credit cards.

• To own a business.

Demands means..

What is a consumer?

• Someone who ships out goods to companies.

• Someone who makes products for stores.

• Someone who invests in stocks.

• Someone who buys a good or a service.

Name a good or item that is taxed..

Taxes are..

What of these are NOT true of a service?

• Any kind of work performed for others.

• The act of helping others.

• It is a trading system.

• Babysitting is a service job.

What is NOT true of a good?

• It satisfies human wants.

• Something you can feel, or any kind of merchandise.

• Something that is sold in stores.

• Only two types of goods.

Supply means in stock, to have a quantity of something.

• True

• False

An entrepreneur is..

• A licensed professional who advises and represents others in legal matters.

• A professional who provides expertise decisions around money matters for clients.

• A stock broker.

• A person who comes up with a product or service, or a better way to produce one.

Free Enterprise means competition

• True

• False