The Big Picture of Economics

Products and services are bought and sold at a

• school

• park

• forest

• marketplace

What does an entrepreneur do?

• work at and manage a store

• start and run a business

• take over a company

• move to a new place

What does the word transaction mean?

• a conversation

• a business deal

• how people get things done

• the way people work together

Which of the following words is defined by: related to the entire world or worldwide?

• transaction

• marketplace

• global

• currency

A person in which of the following fields would most likely use economics?

• medical

• education

• construction

• business

Which word means the same as invest?

• hide

• make

• spend

• waste

What does the word merchandise mean?

• things people need in order to survive?

• things that are bought and sold

• things that make life easier

• things everyone has

Which word means almost the same as currency?

• housing

• language

• money

• transportation

What type of currency do we use in the United States?

• rubles and kopeks

• reals and centavos

• pesos and centavos

• dollars and cents

All of the following details describe the laws of supply and demand EXCEPT:

• as demand goes down, prices go down

• as demand goes up, prices go down

• as supply goes down, prices go up

• as supply goes up, prices go down