Unit 3 Part B Economy

Define the word "barter."

• A. when you use money to buy

  something at the store

• B. when you trade something

  with someone else without

  the use of money

• C. when you trade services for

  money, like cutting

  someone's grass

• D. when you use pennies from

  your piggy brank to buy a toy

Why did people decide to use

mediums of exchange?

• A. Everyone wanted to trade

  eggs.

• B. No one wanted to trade furs.

• C. Sometimes people did not

  want what someone else had

  to trade.

• D. Seashells were pretty.

Why was paper money used instead

of coins?

• A. It was easier to use.

• B. It was harder to use.

• C. It was prettier.

• D. It was too big to carry.

Who was involved in the decision to

base our money system on the

decimal system?

• A. George Washington

• B. Abraham Lincoln

• C. Benjamin Franklin

• D. Alexander Hamilton

What is trade?

• A. the exchange of seashells

  and beans

• B. the exchange of goods,

  services or money

• C. the exchange of goods

  between an individual and a

  company

• D. the exchange of coins and

  paper money

What is specialization?

• A. when an individual, company,

  or nation focuses on what

  they produce so they can

  trade with others

• B. when an individual

  exchanges goods with

  someone who has money

• C. when a country imposes

  duties on imports in order to

  protect home industries

• D. when a county binds itself to

  a course of action

An economy based on growing crops

and raising animals is _____.

• A. tourism

• B. agriculture

• C. specialization

• D. industry

Animals in agriculture need climates

that provide _____________________ for

them to live.

• A. food and water

• B. temperature and soil

• C. rainfall and soil

• D. soil and rock

What are services?

• A. types of economic activity

  including physical and virtual

  work done for others.

• B. types of economic activity

  including producing goods.

• C. types of economic activity

  including the transportation

  of goods.

• D. types of economic activity

  including production

An industry is an _____.

• A. economic activity with the

  production of goods and

  factories.

• B. economic activity with the

  production of services.

• C. activity involving marketing

  and entertainment.

• D. activity involving

  transportation and public

  safety.