Vocabulary intro: Exchanging Goods and Services

Match the following vocabulary terms from your Social Studies book Pages 258-262

• how the goods and services are needed

• Services

• how much there is of goods and services

• Demand

• a job a person provides is paid for

• Supply

• things you buy

• Goods

What did the Early Europeans do to get things they needed from American Indians?

• demanded exchanges

• imported goods

• bartered goods

• gave them money

What usually happens when the supply of something goes up?

• prices go up

• prices go down

• demand goes up

• demand goes down

What does instant communication and fast transportation do to the supply of products?

• They make the cost of the supply more expensive.

• They make the demand for the supply lower.

• They make the size of the supply rise quickly.

• They make the size of the supply go down.

These kids are trading candy. They are ​ (a)  

• bartering.
• exchanging money.