Economics-Quizs

Barter

• To trade goods or services without the exchange of money

• To buy goods using cash

• To sell services for a fee

• To exchange currency for goods

Credit

• A type of loan that must be repaid immediately.

• An arrangement to pay for goods and services at a later time.

• A discount offered for early payment.

• A fee charged for late payments.

Producer

• A person or organization that produces goods or services for sale

• A consumer who buys products

• A government entity that regulates markets

• A financial institution that provides loans

Service

• Something that one person does for someone else

• A type of payment for goods

• A method of transportation

• A form of entertainment

Tax

• An added amount of money on goods used to pay for government services like roads, parks, schools and fire protection.

• A fee paid to private companies for services rendered.

• A donation made to charities for community support.

• A penalty imposed for not following laws.

Cost

• An amount paid

• A type of investment

• A financial loss

• A budget surplus

Income

• Financial gain received as wages/salaries, rent, interest, and/or profit.

• A type of tax levied on individuals and corporations.

• A measure of the total value of goods and services produced in a country.

• The amount of money spent on goods and services.

Want

• Desires that can be satisfied by consuming a good, service, or leisure activity.

• A need that is essential for survival.

• A temporary feeling of pleasure from a product.

• An obligation to fulfill a requirement.

Consumer

• A person who buys goods or services to satisfy wants.

• A person who sells goods or services to others.

• A person who produces goods for personal use.

• A person who only buys luxury items.

Need

• Necessities like food, shelter, and clothing

• Luxury items such as jewelry and cars

• Optional items like books and games

• Entertainment services like movies and concerts