Lesson 8 Test: Economy (TCI)

Items that can be bought, sold, and traded are called _______________.

• economy

• market

• scarcity

• goods

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

• economy

• goods

• market

• services

_______________ are tasks you pay someone to do for you.

• services

• market

• goods

• economy

People must make choices because of _______________, or the idea that people want more things than they can have.

• goods

• scarcity

• market

• economy

The _____________ is the system in which goods and services are bought and sold.

• goods

• services

• economy

• scarcity

Mail delivery businesses have competed throughout history by

• hiring less workers

• making packages smaller

• finding ways to deliver mail

A market is a place where

• scientists research chemicals

• teachers meet and share ideas

• buyers and sellers come together

Suppose you are a buyer in a market. What do you want?

• low prices and good quality

• high prices and good quality

• low prices and poor quality

The system in which goods and services are bought and sold is called

• scarcity

• a market

• an economy

• a competition

Which of the following is a good?

• books

• clothing

• food

• all of the above