Which scenario illustrates people engaged in bartering?

• Julia teaches Brad how to fix a bike in exchange for five of Brad’s apples.

• Ryan buys a loaf of bread from the store, but it cost him more than it did a year ago.

• Elliot gives Jude a few extra oranges.

• Amy uses her artistic skill to make the most beautiful scarf.

Which images show a type of currency?

Check all that are true.

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Which is NOT a good trait of currency?

• portable

• accepted

• durable

• mendable

• divisible

Which chart shows inflation happening?

Check all that are true.

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• 
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Inflation happens when the value of currency declines. This causes the price of goods and services to rise. What must happen in order for workers to be able to afford the same things they used to be able to buy?

• Wages for workers must also increase.

• Stores must put fewer products on sale.

• Wages for workers must also decrease.

• Stores must put more products on sale.

Determine this business’s profit for the month of October.

• $250

• $575

• $6,350

• $6,925

• The business did not make a profit this month.

How are a business's profit and income related?

• Profit is a business’s income over a set period of time.

• Income is a business’s profit over a set time period.

• Income is a business’s total costs over a set period of time, while profit is the business’s total sales.

• Income is a business’s total sales over a set period of time, while profit is the business’s total costs.

Which person is acting as an entrepreneur?

• Steve went to school to be a teacher. Now, he teaches social studies at his old school.

• Shereen went to school to be a carpenter. When she graduated, she opened her own workshop.

• Carly went to school to be a baker. When he graduated, he began working at his local bakery.

• Lindsey went to school to be an engineer. On the weekends, he volunteers at a soup kitchen.

Liz wants to open her own shop selling pickled foods. Which would likely be an initial expense?

Check all that are true.

• buying the pickling supplies

• paying employees

• renting space

• building an extension onto her shop

What does the image below most likely illustrate?

• high supply and high demand

• low supply and high demand

• high supply and low demand

• none of the above