Quiz on Goods and Services

Goods are best defined as

• products that are tangible

• products that are intangible

• products that are expensive

• products that last forever

Banking and insurance are examples of

• goods

• an economy

• standard of living

• services

An individual or organization which uses goods and services is called a

• consumer

• producer

• trader

• government

A _______ is an individual or organization that makes products and services.

• consumer

• producer

• trader

• government

__________ is the buying and selling of goods and services.

• Trade

• Comparing

• Market

• Measure

• Exchange

The voluntary trade of goods and services is called

• the stock market

• selling

• exchange

• buying

The means by which sellers and buyers come together, either physically or virtually, to exchange goods and services is called the

• market

• economy

• consumer

• producer

Market can mean the following:

• the price of goods and services

• the distribution of goods and services

• the demand for goods and services

• the discount on goods and services

Which of the following is the best definition of an economy?

• the high cost of living in a country

• the system of government in a country

• the system in a country that determines the production, exchange and consumption of goods and services

• the laws that government enact to control a country.

Early humans relied on nature to provide the basic needs for themselves only. This system is known as a

• subsistence economy

• planned economy

• market economy

• supply and demand