Social Studies Unit 5 Test 1

If many people want a good, then the good has a ________________ High supply High demand Low supply Low demand

Why don’t they sell worm flavored ice cream in the United States? There is a high supply for it There is no demand for it It would cost too much There is a high demand for it

Long ago people used to barter to get what they needed Long ago people used to barter to get what they needed. One person might exchange cabbage for a neighbor’s sheep. Using money makes it easier to get what you need because you Don’t need to find someone who needs what you have and who has what you want Can always have enough of what you need Do not have to work for a living Didn’t have to travel to find what you want

Which of the following is NOT a capital resource? buildings money Computers water

You go to the store and buy some Takis. What are you? A good A producer A consumer A profit

Your parents help you out with your online shoe business by buying you a new computer. Which productive resource are your parents supplying? Labor Supply and demand Natural resource Capital resource

? Services Which of the following completes the chart? Buying food Attending school Visiting friends Lawn Mowing Services House cleaning ? Babysitting

Which of the following is a labor resource needed to produce bread? The soil The baker The oven The wheat

Which of the following is an example of a non-renewable natural resource? Oil Cows Wheat trees

Which of the following is NOT a major good produced in Louisiana? Sugarcane Soybeans Sweet potatoes Maple syrup

Which of following is an example of an opportunity cost? the price of a new video game goes up because there is not a large supply You make too many cupcakes so you have to lower the price you sell them for You decide to use a building to open a candy store instead of a shoe store The demand of a book goes down because the next book in the series has come out

Sabrina has chosen a new iphone 6 that she wants to buy, but she cannot afford it. Her friend, Jacob, tells her to wait because a new version of the phone (Iphone 7) she likes will come out at the end of the year. The new version will run faster and have more storage space than the one Sabrina likes. Jacob says that by then, the Iphone 6 Sabrina wants will be a lot less expensive. Why does the price drop for the iphone 6 Sabrina wants? New, more advanced phones become available, and it shrinks the demand for the old phones Demand for these phones grows because businesses find new ways to use them Stores do not have enough supply of the phones Phone makers have a hard time making the phones

? Shoes Toys Goods Which of the following completes the chart? Restaurants Schools Stores Potatoes Goods Shoes Toys ?

Why is it important to have a budget? So you can make sure you have enough money to pay for everything you need To decrease your inventory To raise the demand for your product A budget allows you to buy whatever you want

How does a credit card work? You make a promise that you will come back to the store and pay You get all items at a lower sale price You can buy an item now and pay later You have to pay for half of the item in cash

Use the story to answer the next two questions: In the 1990’s a new toy, the Furby, became very popular. Almost every child, boy or girl, wanted one. When consumers heard that a store received a shipment of these Furbies, many would camp out overnight in front of the store to be one of the first to get one. Often times the store would run out of Furbies within thirty minutes. Days would go by before other stores would get a shipment. These Furbies were like gold, and people would have fist fights in the middle of the store to get one. They could not make the Furbies fast enough for everyone who wanted one to get one.

The story you just read is an example of: Labor Scarcity Supply Bartering

A mother wanted a Furby so badly for her daughter that she worked an extra job to save $450.00 so she could buy one from her neighbor. She gave up her time to make more money to buy something her daughter wanted. This is an example of: A producer A productive resource Capital A trade-off