Unit 3 Part B Economy

Define the word "barter".

• when you use money to buy something at the store

• when you trade something with someone else without the use of money

• when you trade services for money, like cutting someone's grass

• when you use pennies from your piggy brank to buy a toy

Why did people decide to use mediums of exchange?

• Everyone wanted to trade eggs.

• No one wanted to trade furs.

• Sometimes people did not want what someone else had to trade.

• Seashells were pretty.

Why was paper money used instead of coins?

• It was easier to use.

• It was harder to use.

• It was prettier.

• It was too big to carry.

Who was involved in the decision to base our money system on the decimal system?

• George Washington

• Abraham Lincoln

• Benjamin Franklin

• Alexander Hamilton

What is trade?

• the exchange of seashells and beans

• the exchange of goods, services or money

• the exchange of goods between an individual and a company

• the exchange of coins and paper money

What is specialization

• when an individual, company, or nation focuses on what they produce so they can trade with others

• when an individual exchanges goods with someone who has money

• when a country imposes duties on imports in order to protect home industries

• when a county binds itself to a course of action

An economy based on growing crops and raising animals is ________________.

• tourism

• agriculture

• specialization

• industry

Animals in agriculture need climates that provide __________________ for them to live.

• food and water

• temperature and soil

• rainfall and soil

• soil and rock

What are services?

• types of economic activity including physical and virtual work done for others.

• types of economic activity including producing goods.

• types of economic activity including the transportation of goods.

• types of economic activity including production of basic resources.

An industry is an

• economic activity with the production of goods and factories.

• economic activity with the production of services.

• activity involving marketing and entertainment.

• activity involving transportation and public safety.