Mod 5 Economics (m)

What is economics?

• the study of how resources are used, made, distributed, consumed, and exchanged

• the study of the environment and how to care for it

• the study of the USA and its grocery stores

Something you buy or use is called a ____________.

• service

• good

• coins

An action someone does for a person who pays them is called a _____________.

• good

• coins

• service

Before people used money to purchase goods and services, they traded items. This form of exchanging items is called _______________.

• mutual agreement

• bartering

• shopping

Anything can be used for money if people agree on the value assigned to it.

• True

• False

Turkey was the first to use what type of money?

• paper

• seashells

• coins

Goods can be ___________ or ____________.

• made or grown

• cooked or raised

• sweet or sour

A bicycle is a ____________.

• service

• good

• toy

A service is ________________.

• what you do for others

• what someone does for you

• a gathering of people

A veterinarian giving a check up to a goat is a _____________.

• appointment

• good

• service