1. $2 $5 $10 $20 $1 $2 $5 $10 $20 $1 $2 $5 $10 $20 $1 $2 $5 $10 $20 $1 $2 $5 $10 $20 $1 Bartering Wants and Needs Interdependence Supply And Demand Scarcity

2. Another word for bartering

3. Trade

4. Give an example of a time in U.S. history when people bartered.

5. Possible Answers: Explorers traded weapons for the Native American’s food.

6. At recess today, John traded his soda for Martin’s candy bar. This is an example of

7. Barter

8. If you had an overabundance of tomatoes you would have a _________.

9. Surplus

10. How do people use bartering today?

11. Some examples are: Online bartering Trading services for goods

12. All of the following are wants except for:

13. Toothbrush

14. What is the difference between a want and a need?

15. A need is something that you must have in order to live, and a want is something you can live without.

16. Give 2 reasons why you may want something, even though you don’t need it.

17. Some answers: A friend has one. You see it on TV. Looks fun. Cool colors.

18. Sort these into needs and wants. Clothes, high heels, teddy bear, medicine, house, necklace

19. Needs: Clothes House Medicine Wants: High heels Teddy Bear Necklace

20. How do commercials influence a buyers decision?

21. They make their product look really cool and very fun. They make you feel like you need their product.

22. Define Interdependence.

23. Interdependence means dependent on others for some needs.

24. How does world trade benefit you?

25. We receive most of our products from other countries. If products were only made in the U.S., they would cost much more.

26. What are some reasons why countries wouldn’t want to trade with others?

27. Answers will vary. Countries could be at war Specialization Natural Disasters

28. Columbia is known for the coffee that it produces. This is an example of _______________.

29. Specialization

30. Why can’t all countries be self- sufficient?

31. All countries can’t be self-sufficient because not every country has the resources needed to be self- sufficient.

32. Define supply.

33. Supply is how much of an object there is. For example, if there are 4 teddy bears. The supply of teddy bears is 4.

34. If the demand is high and the supply is low, then the price will ___________.

35. If the demand is high and the supply is low, then the price will go up.

36. You go to a store to buy a 6 oranges. The store has 2 oranges left. Decide whether the supply is high or low?

37. The supply is low.

38. There are 7 dolls, 5 cars, and 11 basketballs in the toy store. There are 5 consumers that want dolls, 6 consumers that want cars, and 8 consumers that want basketballs. What is the demand for the dolls?

40. Prove whether the price would be high or low. Hank wants a new video game. The store has 4. There are 12 people who want the game. Would the price be high or low? Why?

41. The price would be high, because when the demand is high and the supply is low the price goes up.

42. Define scarcity.

43. Scarcity means you can never have every thing you want. Resources are limited.

44. Scarcity means we have to make choices. Sometimes when we make a choice, we leave another choice behind. What is this choice called that is left behind?

45. Opportunity Cost

46. Give me an example of a choice and an opportunity cost that you made today.

47. Answers may vary. Ms. Johnson decided to wake up this morning. Her opportunity cost was to sleep in.

48. How do individuals, communities and countries attempt to address the problem of scarcity?

49. People limit their use of the resource. They share the resource and determine the best use for the resource. For example: There are only a limited number of resources such as workers, machines, factories, raw materials etc. Yet there are a number of different ways in which they could be used.

50. Which item is the most scarce?

51. Diamond

52. Ms. Lauren Johnson 5 th Grade Resources: –Brain Pop Junior. (2003). Wants and Needs. Retrieved March 21, 2009, from BrainPopJunior: www.brainpopjunior.com/socialstudies/needsandwants –Buggey, D. J. (2005). Exploring Where and Why. Chicago: NYSTORM. –EconEdLinks. (2001). Retrieved April 1, 2009, from Econedlinks: www.econedlink.org Economics Jeopardy Game