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Answer Key
Grade 7 Social Studies: Economics — Markets, Entrepreneurship & Institutions
1.
a system where buyers and sellers exchange goods and services
2.
a person who starts and organizes a business, taking on risk
3.
a reward or penalty that influences choices
4.
rules and organizations that shape how markets work
5.
rules about who can own and use resources
6.
they increase trust and make exchange more predictable
7.
Answers vary: banks, courts, contracts, regulatory agencies (awareness)
8.
chance of losing time or money if a business fails
9.
system of buyer–seller exchange
10.
person who starts a business and takes risk
11.
reward or penalty influencing choices
12.
rules/organizations shaping markets
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