Exchange of Goods & Services Review

Label the consumer and the seller.

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?

Which picture shows a producer?

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

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

Who is the buyer and who is the seller?

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.

Choose the best definition for 'expensive':

A buyer cannot be a consumer.

A producer can also be a seller.

Producers and consumers determine (decide on) the prices.

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

Choose the best definition for 'cheap':

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

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