Markets and Trades

Front

What is the definition of supply?

Back

the amount of items available

Front

Which of the following descriptions BEST explains supply and demand? A candy company makes one kind of candy bar. It never changes what it makes. A candy company only makes the type of candy bars that the government tells it to make. A candy company went out of business because their chocolate supplier went out of business. A candy company changes the kind of candy bars they make depending on what kind of candy bars kids are buying.

Back

A candy company changes the kind of candy bars they make depending on what kind of candy bars kids are buying.

Front

In a market economy, what are prices based on?

Back

supply and demand

Front

How does the government pay for items such as public schools and libraries?

Back

taxes

Front

Which of the following is an example of a voluntary exchange? Options: making your favorite candy at home, buying candy at the candy store that offers a variety of choices, buying candy from the government store that limits the types of candy, not buying candy because the laws forbid candy from being sold where you live

Back

buying candy at the candy store that offers a variety of choices

Front

How are police, fire, and military services related?

Back

They are all public services paid for with taxes.

Front

How does trade help both a producer and a consumer?

Back

Both get something they need in exchange for something they did not need.

Front

What word defines the idea of exchanging goods or services when a person needs or wants something?

Back

Trade

Front

In a voluntary exchange system, what does the term interdependent mean?

Back

Dependent on others for goods

Front

Which of the following is the BEST example of depending on others?
Options:
growing your own food,
owning a large piece of land,
moving west for farm land,
shopping at the grocery store

Back

shopping at the grocery store