Economics Review

The study of production, distribution, and consumption, or use of goods and services is called

• economics

• free market economy

• demand

A bank account keeps people's money safe

• true

• false

What is the definition of opportunity cost?

• something made, bought, and sold

• the thing you give up to get the thing you want

• money leftover after all the expenses

A consumer is

• the thing you give up to get the thing you want

• make the goods

• someone who buys and uses goods

The struggle among producers for the money consumers spend is called

• scarcity

• trade agreement

• competition

Any item that can be bought or sold is called

• service

• good

• economics

What is the type of payment that is used for small loans?

• credit card

• checking account

• bank card

A small fee that people or businesses pay when the bank loans them money

• interest

• service

• scarcity

What is the definition of service?

• the struggle among producers for the money of the consumer

• work done for someone in exchange for payment

• amount of goods available

What is the definition for trade agreements?

• people put money in to keep money safe

• to concentrate in one particular area

• decisions our government make to make it easier for businesses to import and export goods from other countries