Social Studies - Chapter 4 - Economics and Vocabulary Quiz

Choose the best meaning for the word 'Producer'.

• A person who buys goods

• A person who makes goods or services

• A person who uses money

• A person who fixes things

Choose the best meaning for the word 'Barter'.

• Trading without using money

• Borrowing money from a bank

• Using a credit card

• Earning interest

What happens when lots of people want something but there isn’t much of it?

• Prices go down

• The product disappears

• Prices go up

• Everyone gets one for free

What does scarcity mean?

• Having more than you need

• Not having enough of something

• Being able to buy anything

• Getting things for free

What does it mean to import goods?

• To throw goods away

• To sell goods in your own country

• To bring goods from another country

• To buy only from local stores

What is an example of barter?

• Buying a toy with cash

• Trading a sandwich for a juice box

• Paying rent

• Saving money in a bank

What happens to money when there is inflation?

• You can buy more with the same money

• Money becomes useless

• You can’t buy as much as before

• Money is no longer needed

Choose the best meaning for the word 'Inflation'.

• A big sale

• Lower prices

• When prices go up over time

• Getting a discount

What does a business get when it makes more money than it spends?

• Debt

• Loss

• Profit

• Barter

Choose the best meaning for the word 'Consumer'.

• A person who builds homes

• A person who buys goods or services

• A person who makes money

• A person who makes laws