Understanding Trade and Economy Basics

Front

What happens to the price of a toy if more kids want it, but there are only a few available?

Back

The price goes up.

Front

What is barter?

Back

Trading goods and services without using money.

Front

Which of the following is an example of a service? A book. A haircut. A toy car. A sandwich.

Back

A haircut.

Front

What is an import?

Back

A product brought into your country from another.

Front

What is an export?

Back

A product sent to another country.

Front

Which of the following is a type of good? A dance performance. A bicycle. A math lesson. A song.

Back

A bicycle.

Front

What is the main idea of trade?

Back

To exchange goods and services.

Front

Why is the local economy important?

Back

It supports jobs and businesses in your community.

Front

What happens to the demand for ice cream on a hot day?

Back

Demand goes up.

Front

Which of the following is NOT a service? Teaching a class. Fixing a car. Selling a book. Painting a house.

Back

Selling a book.