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Trade Vocabulary Terms
Test Description: Vocabulary terms from Trading Unit.
Instructions: Answer all questions to get your test result.
1) What does it mean to trade?
A
to buy or sell goods or services
B
to make a final product from a raw material
C
to take a country's goods or services
D
to give away goods or services for free
2) A country trades in order to __________.
A
get the goods and services its citizens want and need
B
teach other countries about new resources
C
learn more about other places
D
get rid of the resources it does not want
3) What is the definition of scarce?
A
the same as
B
not enough
C
just right
D
too much
4) What is trade?
A
giving away goods or services
B
buying or selling goods or services
C
finding goods or services
D
making goods or services
5) What is the definition of import?
A
to bring goods or services into one country from another country
B
to go live in another country
C
to learn about a new country
D
to sell goods or services to another country
6) What does it mean to export?
A
to give away goods or services to another country
B
to sell goods or services to another country
C
to take goods or services from another country
D
to create new goods or services with another country
7) What are raw materials?
A
the people who make finished products
B
goods that are unable to be used
C
goods that can be used to make a finished product
D
a finished product made out of plants that farmers grow
8) What is trade?
A
buying or selling goods or services
B
giving away goods or services
C
making goods or services
D
finding goods or services
9) What is the definition of import?
A
to bring goods or services into one country from another country
B
to go live in another country
C
to sell goods or services to another country
D
to learn about a new country
10) What does it mean to export?
A
to create new goods or services with another country
B
to sell goods or services to another country
C
to take goods or services from another country
D
to give away goods or services to another country
11) What is a good?
A
something people do for other people
B
something your friend gives you
C
something you can only buy at a grocery store
D
something that can be bought or sold
12) What is a service?
A
an object that can be bought or sold
B
a thing that is only used by the person who makes it
C
a kind of work that people do for others
D
an object that people give to other people
13) What is a producer?
A
the goods or services that a business sells
B
a person who grows, makes, or sells goods or services
C
a person who buys and uses goods and services
D
a person who shops at a business
14) What is a consumer?
A
the making or selling of goods or services
B
a person who buys and uses goods and services
C
a person who owns a business
D
the goods or services that a business sells
*select an answer for all questions
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