Quiz on Services and Economics

Which of the following is a service?

• A bicycle

• A haircut

• A book

• A toy

Who is a buyer?

• Someone who makes goods

• Someone who buys goods and services

• Someone who sells goods

• Someone who saves money

What happens when there is a high demand for a toy but only a few are available?

• The price goes down

• The price stays the same

• The price goes up

• The toy is given away for free

What does scarcity mean?

• Having more than enough of something

• Not having enough of something

• Having too much of something

• Giving away everything

Tags

CCSS.RI.3.4

Why do people trade?

• To get something they need or want

• To lose their goods

• To make friends

• To save money

What is money used for?

• Eating

• Sleeping

• Buying goods and services

• Playing games

Tags

CCSS.RI.3.1

Which of the following is a good?

• A doctor’s visit

• A sandwich

• A dance lesson

• A car wash

Who is a seller?

• Someone who buys goods and services

• Someone who makes goods

• Someone who sells goods and services

• Someone who saves money

If there are many apples at the market and not many people want to buy them, what will likely happen to the price?

• The price will go up

• The price will stay the same

• The price will go down

• The apples will be free

Tags

CCSS.RI.3.3

When a resource is scarce, what might people do?

• Use it wastefully

• Trade for it

• Ignore it

• Give it away