What is bartering?

• Trading goods and services without using money

• Using money to buy goods and services

• Saving money for future use

• Borrowing money from a bank

What does scarcity mean?

• When people have more wants than resources

• When there is too much of a resource

• When people have no wants

• When resources are unlimited

What are goods?

• Things that are grown or made to sell

• Services provided by people

• Money used in transactions

• Tools used to work

What are services?

• Work someone does for money

• Things that are grown or made to sell

• Money used in transactions

• Resources found in nature

Who is a consumer?

• A person who buys and uses goods or services

• A person who provides goods or a service

• A person who saves money

• A person who exports goods

Who is a producer?

• A person who provides goods or a service

• A person who buys and uses goods or services

• A person who saves money

• A person who imports goods

What is currency?

• Money

• Goods

• Services

• Resources

What does import mean?

• Something brought into the United States from another country to sell

• Something sent out of the United States to sell in another country

• The amount of a resource that is available

• The amount of a resource that people want

What does export mean?

• Something sent out of the United States to sell in another country

• Something brought into the United States from another country to sell

• The amount of a resource that is available

• The amount of a resource that people want

What is supply?

• The amount of a resource that is available

• The amount of a resource that people want

• The tools we use to work

• The people who make goods or provide services