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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?
Interdependence
___ 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
