Lesson 8: Understanding Our Economy Review

An economy is

• goods and services

• Is money and how it is managed

• the system in which goods and services are bought and sold.

• Scarcity

A good is....

• tasks you pay someone to do for you.
• Items that can be bought, sold, and traded
• the system in which goods and services are bought and sold.
• Scarcity

People make choices in what they buy because of_____

• Goods and services
• Task someone provides
• the system in which goods and services are bought and sold.
• Scarcity 

A place where buyers and sellers come together is called a(n)

• Scarcity
• Goods 
• Market
• Services

What does it mean, "buy needs before wants?"

• to have a lot of money
• to go to the nearest store
• buy the things you must have
• to buy everything you would like

You choose to buy a new toy instead of a drink. What is the cost?

• You are thirsty
• You have extra money.
• You have a new toy.
• You bought a need.

iPhone: Goods or Service?

• Goods
• Service

Doctor: Goods or Service?

• Goods
• Service

Which is an example of a service?

• book
• police officer
• chair
• backpack

Which is an example of a good?

• nurse
• mechanic
• basketball
• cook