Economics Quiz Review

Barter means _______________________________

• The cost of giving up one thing for another

• When you buy, sell, or exchange an item with someone else

• When you negotiate to trade a good or service for something else without using money

• A person who makes or creates a good or service

• When something is rare or running out

Scarcity means _________________________

• A person who makes or creates a good or service

• When something is rare or running out

• When you buy, sell, or exchange an item with someone else

• When you negotiate to trade a good or service for something else without using money

• The cost of giving up one thing for another

Producer means _________________________

• A person who makes or creates a good or service

• When you buy, sell, or exchange an item with someone else

• The cost of giving up one thing for another

• When something is rare or running out

• When you negotiate to trade a good or service for something else without using money

Trade means ________________________________

• When you buy, sell, or exchange an item with someone else

• A person who makes or creates a good or service

• When you negotiate to trade a good or service for something else without using money

• The cost of giving up one thing for another

• When something is rare or running out

Consumer means __________________________

• The cost of giving up one thing for another

• When you buy, sell, or exchange an item with someone else

• When something is rare or running out

• A person who buys a good or service

• A person who makes or creates a good or service

Opportunity cost means ____________________________

• When something is rare or running out

• The cost of giving up one thing for another

• When you buy, sell, or exchange an item with someone else

• A person who makes or creates a good or service

• When you negotiate to trade a good or service for something else without using money

If a lot of people want to buy something, the demand is ____________.

• Low

• High

• Unchanged

If very few people want to buy something, the demand is ____________.

• Low

• High

• Unchanged

If the demand for an item is HIGH but the supply is LOW, the cost will ______________.

• Increase

• Decrease

• Stay the same

If the demand for an item is LOW and the supply is HIGH, the cost will ______________.

• Increase

• Decrease

• Stay the same