Mini Society Review Test on May 7, 2008

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

Opportunity Cost

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

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

TRADE

What is a plan for how you use your money?

BUDGET

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

Interdepende nce

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

Resources

Name the 3 types of resources

Natural, Capital, Human

Money that you put away to spend later

Savings

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

Scarcity

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

Prototype

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

Salary

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

Profit

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

Market

Does a consumer buy or sell a product?

BUY

True or False: Products are things you make to sell

TRUE

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

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

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

False: Manufacture only uses machines.

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

TRUE

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

Producers