1. Mini Society Review Test on May 7, 2008

2. What is the name for the thing you give up when you choose something over it?

3. Opportunity Cost

4. Ex: If you choose popcorn over a hot dog the opportunity cost is the hot dog.

5. When you barter you do a ________ for things without money.

6. TRADE

7. What is a plan for how you use your money?

8. BUDGET

9. When 2 people or companies depend on each other to make or sell goods & services what is this called?

10. Interdepende nce

11. ___ are the materials or items you need to produce goods or services.

12. Resources

13. Name the 3 types of resources

14. Natural, Capital, Human

15. Money that you put away to spend later

16. Savings

17. When there are not enough resources or things to go around then this is called ___

18. Scarcity

19. What is the name for a sample product that businesses use for market surveys?

20. Prototype

21. What is the name for the money you earn for doing a job. It can be income or --- ---.

22. Salary

23. The money you spent over the money you earned for your product is your …

24. Profit

25. A place where you can buy or sell goods is sometimes called a ------ -.

26. Market

27. Does a consumer buy or sell a product?

28. BUY

29. True or False: Products are things you make to sell

30. TRUE

31. True or False: Work that makes a product is called “Services”

32. False: Services provide something not a product. Such as doctors.

33. True or False: Manufacture is the making of goods by hand or machine.

34. False: Manufacture only uses machines.

35. True or False: When producers use resources to make goods or services this is production.

36. TRUE

37. Consumers are related to customers and products are related to….

38. Producers