Economy Study Guide Question Preview (ID: 61540)


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involves the production distribution and consumption of products and services
a) economy
b) trade
c) consumer
d) export

things we must have to live such as food and water
a) needs
b) trade
c) economy
d) consumer

things we would like to have but do not need to survive
a) wants
b) trade
c) economy
d) consumer

products we buy
a) goods
b) trade
c) economy
d) consumer

something we pay other people to do for us
a) services
b) trade
c) economy
d) consumer

people who grow and raise food or make a prodcuts
a) producer
b) trade
c) economy
d) consumer

the person who buys a good or service
a) consumer
b) trade
c) economy
d) export

a way for countries to get the things their citizens need from other countries
a) trade
b) economy
c) consumer
d) export

bringing resources and good IN to one from FROM another
a) import
b) export
c) trade
d) economy

sending extra resources and good TO another country
a) export
b) import
c) trade
d) economy

term used when there is not enough of a good to be sold
a) shortage
b) surplus
c)
d)

term used when there is too much of a good to be sold
a) surplus
b) shortage
c)
d)

high supply + low demand =
a) very low price
b) very high price
c)
d)

low supply + great demand =
a) very high price
b) very low price
c)
d)

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