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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