This PowerPoint presentation contains 14 questions for Benchmark B of the Economics standard tested on the Grade 5 Social Studies Ohio Achievement Test. These questions cover the benchmarks for grades 3, 4, and 5. The grade, standard, and benchmark for each question is listed in the top right corner of each slide. An answer analysis for every question (visible only to the teacher) explains what knowledge students need to have to arrive at the correct answer. Use these slides to review a specific benchmark, or download additional slides to create a comprehensive review for the Grade 5 Social Studies Ohio Achievement Test. If you’d like to print the slides with analyses, choose “Notes Pages” from the “Print What” pull down menu on the Print Screen. Instructions

3.E.B If you buy an ice cream cone, what role are you performing? A.a farmer B.a producer C.an employee D.a consumer

3.E.B Explain how a country can benefit by specializing in a particular product.

3.E.B Different areas of Ohio specialize in different products. Some areas produce iron and steel products. Other areas grow crops for food. Describe one main product made in your area and explain how it helps the local economy.

3.E.B Which of the following people is a producer? A. a teacher B. an artist C. a doctor D. a bank teller

3.E.B How are consumers, communities, and businesses alike? A.They all are concerned with making a profit. B.They all must consider trade-offs when making money choices. C.They all use budgets to determine their income. D.They all earn money from producing goods.

4.E.B Ohio’s economy is based on a free market system. Describe how a business operates within this system.

4.E.B What are people called who buy and use goods and services? A.suppliers B.producers C.entrepreneurs D.consumers

4.E.B What is the money that is left after wages, tools, and other costs have been paid? A.supply B.profit C.demand D.opportunity cost

4.E.B What is the amount that consumers are willing and able to buy at various prices during a given time? A.supply B.demand C.profit D.opportunity cost

4.E.B Play Now is the producer of a video game that is in high demand. They are releasing 100,000 copies of the game to only 100 stores throughout the country. What can Play Now do to increase its profit on the video game?

5.E.B What is income? A. a plan for saving and spending money B. money earned for doing work C. a payment for goods and services D. money paid to the government

5.E.B Many countries, including the United States, require children to go to school. Some children have more years of education than others. In the United States, children are required to go to school until they graduate high school. How can the amount of education a person has affect their income?

5.E.B People in the United States can choose to work at many types of jobs. Some jobs pay more than other jobs. What factors can affect the amount of income people earn?

5.B.E The use of technology in the workplace has increased throughout the world. People in China can instantly communicate with people in France. Some jobs that used to be done by people can now be done by machines. Give two examples of how technology has affected the job market.