Intro to Early Economics Review

How did the Neolithic Revolution change society economically?

• It led to the development of agriculture as currency..

• It caused a decline in trade and commerce.

• It resulted in the invention of the steam engine.

• It led to the discovery of electricity.

What is a mint (not the candy)?

• A financial institution.

• A type of plant.

• A place where coins are produced.

• A form of digital currency.

Economically, what is a check?

• A type of loan.

• A written order directing a bank to pay money.

• A form of digital payment.

• A savings account.

What is credit?

• The ability to obtain goods or services before payment.

• A type of currency.

• A financial penalty.

• A form of investment.

What is barter?

• The exchange of goods and services without using money.

• A type of currency.

• A financial institution.

• A form of digital payment.

What is the economy?

• The total amount of money printed by a country each year.

• The process or system by which goods and services are produced, sold, and bought in a country or region.

• The name of the government department responsible for social services.

• Is a government agency that regulates all financial transactions.

What is the economic definition of value?

• Is the fixed price set by the government for all goods and services.

• Refers to the physical weight of a good or service.

• Is the total amount of money a company has in its bank account.

• Refers to the worth of a good or service as determined by the amount a consumer is willing to pay and the utility it provides.