Unit 2.01 Economic Basics Review

Which of the following could financial planning help you do? (Select the best answer.)

• Plan for retirement.

• Understand how money is printed

• Avoid paying taxes.

• Spend more money than you earn.

The following example is of someone who is a producer of either goods or services.

Bethany is a nurse who treats people in the hospital.

• Goods

• Services

The following example is of someone who is a producer of either goods or services.

Kanesha sells bicycles.

• 
  

• Goods

• Services

You prepare all the food for a friend's party, and the friend pays you for it. This makes you a _____________.

• 
  

• Producer

• Consumer

The 3 functions of money are....

• Medium of Exchange
  Store of Value
  Unit of Account

• Producers
  Consumers
  Entrepreneurs

The real estate market is categorized in which 2 ways?

• Producers
  Consumers

• Medium of Exchange
  Store of Value

• Commodity
  Location

What is a country's GDP?

• A country's GDP is the amount of money that have stored up for the future

• A country's GDP, or gross domestic product, is the value of the goods and services produced in that country.

• A country's GDP is the medium of exchange produed every year

The 2 different types of commodities are

• Producer
  Consumer

• Medium of Exchange
  Store of Value

• Goods
  Services