Weekly 20

What does someone buy when they pay for a haircut?

• a good

• a surplus

• a service

• a need

Choose the word that best completes the sentence. A _______ of basic resources makes it hard for people to live.

• scarcity
• supply

• surplus

• trade

What happens when supply is low and demand is high?

• The price goes down.

• The price stays the same.

• The price goes up.

• The price is cut in half.

Bartering is trading goods with the use of money.

• True

• False

Match the word to its definition.

Goods

• things that are made for people to buy and use

• work that a person does for someone else

Why do countries trade with other countries? Select all that apply.

• because they don’t produce everything they need

• because they produce goods to sell to other countries

• because the items are scarce in their country

• because they have a surplus of everything

What are things that people have to have in order to survive?

Choose the word that best complete the sentence. A ______ is something you would like to have but can live without.

• need

• want

A _____is something that you have to have

• need

• want

• demand

• surplus