Trade Vocabulary Terms Question Preview (ID: 59269)
Vocabulary Terms From Trading Unit.
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What does it mean to trade?
a) to give away goods or services for free
b) to make a final product from a raw material
c) to buy or sell goods or services
d) to take a country's goods or services
A country trades in order to __________.
a) get rid of the resources it does not want
b) learn more about other places
c) get the goods and services its citizens want and need
d) teach other countries about new resources
What is the definition of scarce?
a) the same as
b) just right
c) not enough
d) too much
What is trade?
a) making goods or services
b) buying or selling goods or services
c) finding goods or services
d) giving away goods or services
What is the definition of import?
a) to bring goods or services into one country from another country
b) to learn about a new country
c) to sell goods or services to another country
d) to go live in another country
What does it mean to export?
a) to take goods or services from another country
b) to give away goods or services to another country
c) to create new goods or services with another country
d) to sell goods or services to another country
What are raw materials?
a) goods that are unable to be used
b) the people who make finished products
c) a finished product made out of plants that farmers grow
d) goods that can be used to make a finished product
What is trade?
a) making goods or services
b) buying or selling goods or services
c) finding goods or services
d) giving away goods or services
What is the definition of import?
a) to bring goods or services into one country from another country
b) to learn about a new country
c) to sell goods or services to another country
d) to go live in another country
What does it mean to export?
a) to take goods or services from another country
b) to give away goods or services to another country
c) to create new goods or services with another country
d) to sell goods or services to another country
What is a good?
a) something that can be bought or sold
b) something people do for other people
c) something you can only buy at a grocery store
d) something your friend gives you
What is a service?
a) a thing that is only used by the person who makes it
b) an object that people give to other people
c) an object that can be bought or sold
d) a kind of work that people do for others
What is a producer?
a) a person who buys and uses goods and services
b) the goods or services that a business sells
c) a person who shops at a business
d) a person who grows, makes, or sells goods or services
What is a consumer?
a) the goods or services that a business sells
b) a person who owns a business
c) the making or selling of goods or services
d) a person who buys and uses goods and services
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