SS UNIT 6 Test 3 S

Name:

1. What is a need?

• something you wouldlike to have
• something needed for survival
• anything you buy that you can hold or touch
• an activity that we pay someone else to do for us

2. What is a want?

• something you wouldlike to have
• something needed for survival
• anything you buy that you can hold or touch
• an activity that we pay someone else to do for us

3. What are goods?

• something you wouldlike to have
• something needed for survival
• anything you buy that you can hold or touch
• an activity that we pay someone else to do for us

4. What are services?

• something you wouldlike to have
• something needed for survival
• anything you buy that you can hold or touch
• an activity that we pay someone else to do for us

5. What is a producer?

• someone that buys a good or service
• something needed for survival
• anything you buy that you can hold or touch
• someone that makes a good or provides a service

6. What is a consumer?

• someone that buys a good or service
• something needed for survival
• anything you buy that you can hold or touch
• someone that makes a good or provides a service

7. When you make a choice, the thing you didn't choose is an __________________________.

• good
• service
• opportunity cost
• supply

8. Everyone around the world uses the same currency. For example does everyone in the world uses US Dollars?

• true
• False

9 What is trade?

• giving money to get something
• giving one good or service in exchange for another