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WorksheetsBuying and Selling - Re-take Quiz
Total questions: 52
Worksheet time: 2hrs 42mins
Alex had to go to the market to buy bananas, apples, and oranges. What does market mean in this sentence?
the amount of a good or service available
what we gain when we buy something
anywhere goods and services are sold
Several people want to buy Easter bunnies right now. There is a high demand for them. What does demand mean in this sentence?
the amount of a good or service available
what we gain when we buy something
the need or desire for a good or service
We must pay the doctor for his service before we leave the office. What does service mean in this sentence?
work done by someone for others
what we gain when we buy something
the need or desire for a good or service
Items that can be purchased
goods
services
a shortage; not enough
scarcity
supply
demand
inflation
You buy some ice cream
Good
Service
iPhone: Good or Service?
Good
Service
Things that you buy that should last a long time (more than three years) are called________________
durable goods
non-durable goods
opportunity cost
job
Items that are not meant to last more than three years
Non-durable goods
Durable Goods
savings
job
Producer or consumer? Molly sells lemonade at a lemonade stand
Producer
Consumer
Producer or consumer? Oliver raises dairy cows on a farm.
Producer
Consumer
Producer or consumer? Jessica buys milk from a farmer.
Producer
Consumer
The person who grows, makes or sells products is a …………..
producer
consumer
goods
business
A person who buys and uses goods and services is a ………...
goods
services
producer
consumer
Work done by others is ………………….
goods
service
producer
consumer
Things that can be bought or sold are...………...
producer
consumer
goods
services
Candy, pens and ketchup are examples of ……………..
goods
services
producers
consumers
What is this a picture showing?
consumers getting goods
consumers getting a service
What is this picture showing?
producer
consumer
A drought has made this year's tomato harvest smaller than usual. What will probably happen to the overall supply of tomato sauce?
The supply will probably go up
The supply will probably go down
Weather forecasters predict this summer will be much hotter than usual. What will probably happen to the demand for air conditioners?
The demand will probably go up
The demand will probably go down
A designer raises the price of jeans by 50%. This will likely lead to a:
Shortage
Surplus
A limited quantity of popular dolls are released right before Christmas. This will likely lead to a:
Shortage
Surplus
A clothing store creates a limited line of t-shirts featuring a popular singer. This will likely lead to a:
Shortage
Surplus
Define Surplus
willingness to pay a set price for a specific good or service
the amount of product that a producer is willing and able to sell in the marketplace
when there is more than needed; abundance; extra
when more people want an item than is available for purchase
Define Shortage
willingness to pay a set price for a specific good or service
the amount of product that a producer is willing and able to sell in the marketplace
more than is needed; extra
more people want an item than is available for purchase; a shortage
Durable or Non-Durable?
durable
non-durable
