SW Week 26 Quiz: Economic Principles

Choose the correct definition for producer.

• someone who makes a good or provides a service

• a person who buys goods and services

• the amount of product that is available

• the amount of product people actually want or need

Choose the correct definition for supply.

• someone who makes a good or provides a service

• a person who buys goods and services

• the amount of product that is available

• the amount of product people actually want or need

Choose the correct definition for consumer.

• someone who makes a good or provides a service

• a person who buys goods and services

• the amount of product that is available

• the amount of product people actually want or need

Choose the correct definition for demand.

• someone who makes a good or provides a service

• a person who buys goods and services

• the amount of product that is available

• the amount of product people actually want or need

A _______________ occurs when there's a greater supply of something than a demand for it.

• surplus

• shortage

• demand

• supply

___________ is not having enough of something.

• surplus

• scarcity

• supply

• demand

True or False: Purchasing is trading goods without using money.

• True

• False

Answer explanation

Trading goods without money is bartering!

___________ is mutually relying on each other to get things done.

• interdependence

• trading

• importing

• exporting

__________ is when you buy, sell, or exchange a good or service for something else you want or need.

• interdependence

• trade

• import

• export

The government's main economic role is to use money and funds to provide ___________ to citizens.

• goods

• services

• money

• jobs