Question

a (1 point) match the item with the correct definition: the value placed on a product; limited availability of goods to meet unlimited wants; giving up one thing for another options: scarcity, price, trade off b (1 point) true or false: in a traditional economy, the barter system is a common practice. options: true (selected), false 7 (partial) multiple choice

Explanation:

Part (a) - Matching Items with Definitions

• "The value placed on a product": This is the definition of "Price" because price represents the monetary (or other value - based) amount assigned to a product.
• "Limited availability of goods to meet unlimited wants": This is the definition of "Scarcity" as scarcity in economics refers to the situation where resources (goods) are limited while human wants are unlimited.
• "Giving up one thing for another": This is the definition of "Trade - Off" because a trade - off involves sacrificing one option or good in order to obtain another.

Matching:

• "The value placed on a product" $

ightarrow$ "Price"

• "Limited availability of goods to meet unlimited wants" $

ightarrow$ "Scarcity"

• "Giving up one thing for another" $

ightarrow$ "Trade Off"

Part (b) - True or False

In a traditional economy, which is based on customs, traditions, and bartering, the barter system (exchanging goods and services directly without the use of money) is indeed a common practice. Traditional economies often rely on the exchange of goods like trading food for tools or livestock for clothing.

Answer:

True