Basic Economics

Japan exports cars to the United States.

What is the meaning of the word exports?

• Sending goods or services to another country for sale or trade
• Receiving goods or services from another country for sale or trade

• Producing goods or services within a country for domestic use
• Transporting goods or services within a country for distribution

Japan imports oil from the United States.

What is the meaning of the word imports?

• Selling goods or services to another country for sale or trade

• Buying goods or services from another country for sale or trade

• Producing goods or services within a country for domestic use
• Transporting goods or services within a country for distribution

Lot of trade happens between Japan and the United States.

What is the meaning of the word trade?

• importing products

• negotiating business deals
• exchanging goods and services
• buying and selling of goods and services

When a good or service is scarce, its price rises.

What is the meaning of the word scarce?

• good quality

• insufficient

• plenty

• abundant

When a good or service is available abundantly, its price falls.

What is the meaning of the word abundantly?

• good quality

• insufficient

• plenty

• abundant

Match the following

• insufficient

• export

• buy from another country

• transport

• move to another country or region

• import

• buy and sell goods

• scarce

• sell to another country

• trade

These are loaded on large cargo ships to transport goods.

What is it called?

• boxes
• bags
• suitcases
• containers

A factory manufactures (creates) cars.

One who manufactures goods is called a ...........

• producer
• builder
• creator
• consumer

A factory manufactures (creates) cars.

Then, people buy and use these cars.

In this example, cars are goods.

One who uses goods is called a ...........

• producer
• builder
• creator
• consumer

Organize these options into the right categories

Groups:

(a) Goods

,

(b) Services

,

(c) Trade

• Video Games

• Cars

• Sell goods

• Barber

• Mobile Phone

• Doctor

• Television

• Tailor

• Buy goods

• Import

• Export

• Postman