Personal Finance Unit 1 Review

Which is an example of a service?

• book
• police officer
• chair
• backpack

Which is an example of a good?

• nurse
• mechanic
• basketball
• cook

Does this person provide a good or a service?

• good
• service

The ______ is the ways in which people make, produce and consume goods and services.

• Economy

• Commerical

• Market

• Production

Someone who acquires goods and services for his/her own personal use is a ______.

• Producer
• Consumer
• Worker
• Employer

The _____ refers to the entire activity of buying and selling that takes place in the world.

• Market
• Economy
• Store
• Production

The amount of something that is available is...

• Supply
• Demand

The number of consumers who want a service or good is called...

• Demand

• Supply

Supply and demand are called...

• Economy
• Market
• Market Forces
• Determiners

When there is a high demand, but low supply, prices will...

• Go Up
• Go Down