Understanding our Economy

Items that can be bought, sold and traded are called______

• economy

• goods

• market

• scarcity

• services

A place where buyers and sellers come together is called a_______

• economy

• goods

• market

• scarcity

• services

_______are tasks you pay someone to do for you

• economy

• goods

• market

• scarcity

• services

People must make choices because of ______, or the idea that people want more things than they can have

• economy

• goods

• market

• scarcity

• services

The ________is the system in which goods and services are bought and sold

• economy

• goods

• market

• scarcity

• services

Why is this called a market?

• It is outdoors

• It has a lot of fruit

• It is interesting to visit

• It brings buyers and sellers together

Why is this place part of an economy?

• It has businesses

• It has many people

• It is run by farmers

• It has common foods

Which of these is the woman selling?

• buyers

• sellers

• goods

• services

The women is part of the free market economy because they

• are providing a service

• can only purchase fruit

• are choosing what to buy

• can buy everything at the market

Which of these is something that is scarce

• time

• apples

• shoes

• all of the above