Unit 3 Review: Global Interactions (Economic Concepts & Trade)

Front

If you are accepted into two universities but can only attend one, the loss of the other option is called:

Back

Opportunity Cost

Front

When prices rise and the value of money goes down, this is known as:

Back

Inflation

Front

Goods that are sent from your country to another country for trade are called:

Back

Exports

Front

When there is not enough of a product available, this is called:

Back

Scarcity

Front

Trading goods directly without using money is called:

Back

Barter

Front

Goods that are brought into your country from another country are called:

Back

Imports

Front

The concept that everything is limited in quantity, and economic choices must be made, is known as:

Back

Scarcity

Front

Which of the following best defines opportunity cost? The thing you gain from making an economic choice, The thing you give up when making an economic choice, The rise in prices over time, The concept that money is necessary for trade

Back

The thing you give up when making an economic choice

Front

Barter can only work if: Two people have what each other needs at the same time

Back

Two people have what each other needs at the same time

Front

Which of the following statements is true about the Silk Roads? Their only destination was the Mediterranean Sea, They followed rivers primarily, They stretched across land from Asia to Europe, They only connected China and India

Back

They stretched across land from Asia to Europe