Exchange of Goods & Services Review

Question 1 of 15

1

Label the consumer and the seller.

Select correct option below corresponding to the highlighted orange point

consumer

seller

Explanation

Question 2 of 15

1

A student has a big beef steak, but really wants to eat chicken instead.
A farmer has a lot of chickens, but has been wanting beef steak for a long time.
The student gives the farmer the beef steak and the farmer gives the student a chicken.

What's the best word to describe what they did?

Select one or more of the following:

resources
exchange
production

Explanation

Question 3 of 15

1

Which picture shows a producer?

Select one or more of the following:

mailman
logs
Potter

Explanation

Question 4 of 15

1

There are two types of exchange. What are they? (circle two answers)

Select one or more of the following:

exchange of goods & services with a smile.
exchange of goods & services using money.
Exchange of goods & services with a handshake.
Exchange of goods & services without using money.

Explanation

Question 5 of 15

1

If goods are too expensive (cost a lot), buyers will buy ____________ of them.

Select one or more of the following:

more
less

Explanation

Question 6 of 15

1

Who is the buyer and who is the seller?

Select correct option below corresponding to the highlighted orange point

buyer

seller

Explanation

Question 7 of 15

1

If sellers don't want to sell goods because the prices are too cheap, there will be a shortage (not a lot) of goods. This will make buyers want to buy at ______________ prices.

Select one of the following:

lower
higher
the same

Explanation

Question 8 of 15

1

Choose the best definition for 'expensive':

Select one or more of the following:

costs a lot
doesn't cost a lot
costs the same as

Explanation

Question 9 of 15

1

A buyer cannot be a consumer.

Select one of the following:

True
False

Explanation

Question 10 of 15

1

A producer can also be a seller.

Select one of the following:

True
False

Explanation

Question 11 of 15

1

Producers and consumers determine (decide on) the prices.

Select one of the following:

True
False

Explanation

Question 12 of 15

1

Production is the process of using productive ___________________ to produce goods & services.

Select one or more of the following:

labor
resources
goods
consumers

Explanation

Question 13 of 15

1

Choose the best definition for 'cheap':

Select one or more of the following:

costs the same as
doesn't cost a lot
costs a lot

Explanation

Question 14 of 15

1

Choose the best word for this definition: "Activities carried out to satisfy people's needs."

Select one or more of the following:

goods
services
products

Explanation

Question 15 of 15

1

Choose the best word for this definition: "Things bought and sold to satisfy people's needs."

Select one or more of the following:

services
production
goods

	Created by Teacher Scott almost 2 years ago

Review for economics test.

Exchange of Goods & Services Review

Question 1 of 15

Label the consumer and the seller.

Select correct option below corresponding to the highlighted orange point

Explanation

Question 2 of 15

A student has a big beef steak, but really wants to eat chicken instead. A farmer has a lot of chickens, but has been wanting beef steak for a long time. The student gives the farmer the beef steak and the farmer gives the student a chicken. What's the best word to describe what they did?

Select one or more of the following:

Explanation

Question 3 of 15

Which picture shows a producer?

Select one or more of the following:

Explanation

Question 4 of 15

There are two types of exchange. What are they? (circle two answers)

Select one or more of the following:

Explanation

Question 5 of 15

If goods are too expensive (cost a lot), buyers will buy ____________ of them.

Select one or more of the following:

Explanation

Question 6 of 15

Who is the buyer and who is the seller?

Select correct option below corresponding to the highlighted orange point

Explanation

Question 7 of 15

If sellers don't want to sell goods because the prices are too cheap, there will be a shortage (not a lot) of goods. This will make buyers want to buy at ______________ prices.

Select one of the following:

Explanation

Question 8 of 15

Choose the best definition for 'expensive':

Select one or more of the following:

Explanation

Question 9 of 15

A buyer cannot be a consumer.

Select one of the following:

Explanation

Question 10 of 15

A producer can also be a seller.

Select one of the following:

Explanation

Question 11 of 15

Producers and consumers determine (decide on) the prices.

Select one of the following:

Explanation

Question 12 of 15

Production is the process of using productive ___________________ to produce goods & services.

Select one or more of the following:

Explanation

Question 13 of 15

Choose the best definition for 'cheap':

Select one or more of the following:

Explanation

Question 14 of 15

Choose the best word for this definition: "Activities carried out to satisfy people's needs."

Select one or more of the following:

Explanation

Question 15 of 15

Choose the best word for this definition: "Things bought and sold to satisfy people's needs."

Select one or more of the following:

Explanation

A student has a big beef steak, but really wants to eat chicken instead.
A farmer has a lot of chickens, but has been wanting beef steak for a long time.
The student gives the farmer the beef steak and the farmer gives the student a chicken.

What's the best word to describe what they did?