Unit 7: Economics

Exchanging one good or service for something else is called

• produce

• trade

• import

• export

_______________ is when you don't have enought of the thing you want

• trade

• barter

• scarcity

• specialization

Coins will last longer than any other type of money.

• True

• False

If you made cookies and gave them to another person for money what are you ?

• good

• service

• seller

• consumer

A product that is made for people to buy and use

• a good

• a service

Which is an example of a good?

• mowing the lawn

• shoes

• teaching

Why do countries trade with each other?

• to make new friends

• to show off what they have

• to get goods they want or need, but do not produce or grow

_____ are things you buy or trade.

• books

• goods

• economics

Which of these examples is a service?

• Mr. Farr sells guitars.

• Mr. Swenson gives art supplies to consumers.

• Coach provides lessons for different sports.

• Ms. Miller writes books.

Scarcity leads to trade when_____________.

• one country has better jobs than another.

• one country is richer than another.

• one country is poorer than another.

• one country has a resource that another one needs.