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Why Trade? Vocabulary 1

Total questions: 8

Worksheet time: 4mins

Name
Class
Date
1.

Trade of goods without being forced to do so

a)

scarcity

b)

voluntary exchange

c)

interdependence

d)

coercion

2.

People rely on multiple groups of people to get the resources that they want and need.

a)

independence

b)

dependence

c)

interdependence

d)

multidependence

3.

A calculated average of the amount of goods and services per person in a country.

a)

standard of living

b)

interdependence

c)

scarcity

d)

productive resources

4.

The condition of not being able to get all the goods & services one wants. It exists because human demand for goods & services exceed the quantity of goods & services that can be produced using all the available resources.

a)

scarcity

b)

surplus

c)

coercion

d)

voluntary exchange

5.

Foreign goods being sold in your own country.

a)

imports

b)

exports

6.

Domestic goods being sold in other countries.

a)

imports

b)

exports

7.

Exchanging goods, services, or for other goods, services, or resources; or for money

a)

trade

b)

exports

c)

imports

d)

globalization

8.

Used to produce or provide a good or service (i.e. land, labor capital goods)

a)

productive resources

b)

unproductive resources

c)

things & stuff

d)

tools/technology