Intro to Economics

What does barter mean?

• to trade

• To give someone something (item) and get something in return

• to give in exchange

• All responses are correct.

All types of businesses that are not related to the same good or service are called industry.

• True

• False

Money & manmade objects owned by a business to help make a product or perform a service.

• are called industry.

• are called capital.

• are called services.

• are called goods.

A person who takes the risk & starts a business in hopes of earning a profit is called an entrepreneur.

• True

• False

A government decides the needs of the people and determines the best way to produce it for everyone is called a command economy.

• True

• False

A system that relies on consumption choices made by consumers.

• Capitalism/Market

• Command/Socialism

• Mixed Economy

Tangible, or touchable, items that can be bought or sold.

• Services

• Goods

• Barter

A system for how goods & services are produced & distributed in a society is called

• an industry.

• an entrepreneur.

• an economy.

Intangible actions people perform; Help or work provided by others are called Services.

• True

• False