Chapter 4 Quiz

Which best explains what causes someone to become a consumer?

• A person needs or wants something.

• A person has spent time deciding what to purchase.

• A person wants to make money by selling something.

• A person has made something and wants to share it with others.

Bartering is __________.

• the type of money used in a particular place

• the profit that a business earns over a period of time

• the exchange of one type of good or service for another

• the risk an entrepreneur takes when starting a new business

Which is an example of technology impacting global trade?

• Car parts are produced and assembled in the same place.

• Modern cargo ships can hold fewer goods than in the past.

• Companies use e-mail to communicate across great distances.

• Products from a country can be found more cheaply at local businesses.

A rise in the usual price of many goods and services is called ______

• barter

• consumer

• producer

• inflation

Type of money used in a particular place

• inflation

• consumer

• currency

• producer

a person or a company who buys a good or service is known as _______

• currency

• consumer

• inflation

• producer

Being part of an economy involves choices.

• True

• False

a person or a company who makes a good or service to sell to others is known as _________________

• producer

• inflation

• currency

• consumer

things that people must have in order to survive

• needs

• wants

• opportunity cost

• scarcity

material from Earth needed to make goods and services

• land

• labor

• capital

• entrepreneur