Social Studies Vocabulary Unit 11 (Economy)

What is the definition of 'benefits'?

• What you gain when you make a decision.

• The cost of making a choice.

• A type of financial loss.

• A type of government tax.

What is the definition of 'costs'?

• What you give up when you make a decision.

• The amount of money you earn from a job.

• The total value of all your assets.

• The process of making a product.

What is the definition of 'economy'?

• what you gain when you make a decision.

• the system in which goods and services are bought and sold.

• what you give up when you make a decision.

• when people want more things than they can actually have.

What is the definition of 'free market economy'?

• An economy where choices are left up to each buyer and seller.

• An economy where the government controls all production and prices.

• An economy based solely on agricultural production.

• An economy where only one company provides all goods and services.

What is the definition of 'goods'?

• Items that can be bought, sold, and traded, such as food and computers.

• Services provided by people, such as teaching and cleaning.

• Natural resources found in the environment, like air and sunlight.

• Ideas and concepts that cannot be touched or owned.

What is the definition of 'market'?

• A place where buyers and sellers come together.

• A type of government system.

• A method of cooking food.

• A scientific theory about planets.

What is the definition of 'scarcity'?

• When people want more things than they can actually have.

• When there is an unlimited supply of resources.

• When everyone gets everything they want.

• When resources are not needed by anyone.

What is the definition of 'services'?

• items that can be bought, sold, and traded, such as food and computers.

• a place where buyers and sellers come together.

• tasks you pay someone to do for you.

• when people want more things than they can actually have.