1. output
a. an amount of money that must be paid
2. transaction
b. the amount of goods or work produced
3. buyer
c. what you earn by working and can use to buy things
4. payment
d. a business deal or action, such as buying or selling something
5. money
e. someone who buys something

2. Choose the right answer.

1. Price is the ………….. given in return for goods or services.
a) barter ​​b) output ​​c) quantity of payment

2. Proportional change in all nominal prices does not affect ………….
a) payment ​​b) real price ​​c) bid price

3. The eventual payment amount requested by a seller is often called …………..
a) asking price b) real price c) nominal price

4. What must be given up in exchange for the good or service that is being purchased is called ……………
a) real price ​​b) nominal price ​​c) opportunity cost

5. In all real economies prices are virtually always quoted in …………..
a) units of currency b) exchange goods c) coins

3. Answer questions.

1. What is price?
2. What is called asking price?
3. What is opportunity cost?
4. What is price measured by?
5. What is the difference between real price and nominal price?

1. output - b. the amount of goods or work produced
2. transaction - d. a business deal or action, such as buying or selling something
3. buyer - e. someone who buys something
4. payment - a. an amount of money that must be paid
5. money - c. what you earn by working and can use to buy things

2. Choose the right answer.

1. Price is the ………….. given in return for goods or services.
Answer: c) quantity of payment
Explanation: Price is the amount of money that needs to be paid in exchange for goods or services.

2. Proportional change in all nominal prices does not affect ………….
Answer: b) real price
Explanation: Proportional changes in nominal prices do not affect the real price, which represents the purchasing power of money.

3. The eventual payment amount requested by a seller is often called …………..
Answer: a) asking price
Explanation: The eventual payment amount requested by a seller is referred to as the asking price.

4. What must be given up in exchange for the good or service that is being purchased is called ……………
Answer: c) opportunity cost
Explanation: Opportunity cost refers to what needs to be given up in order to obtain a certain good or service.

5. In all real economies prices are virtually always quoted in …………..
Answer: a) units of currency
Explanation: Prices in real economies are almost always quoted in units of currency.

3. Answer questions.

1. What is price?
Answer: Price is the amount of money that needs to be paid in exchange for goods or services.

2. What is called asking price?
Answer: Asking price is the eventual payment amount requested by a seller.

3. What is opportunity cost?
Answer: Opportunity cost is what needs to be given up in exchange for a good or service.

4. What is price measured by?
Answer: Price is measured by the amount of money that needs to be paid for a good or service.

5. What is the difference between real price and nominal price?
Answer: The real price represents the purchasing power of money, while the nominal price refers to the current price without accounting for inflation or changes in purchasing power.