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econ
social studies review
| Question | Answer |
|---|---|
| Budget | a plan for using money |
| interest | the money the bank pays you for keeping your money there |
| opportunity cost | the thing that people must give up in order to do what they most want |
| competition | the effort a seller makes to win buyers |
| scarcity | lack of goods or services |
| producer | makes and sells good |
| income | the money people earn for work. |
| consumer | someone who buys the goods or services sold by a producer. |
| supply | the amount producers will make for a certain price |
| demand | the amount consumers are willing to buy for a certain price |
| human resources | skills, knowledge and hard work that people bring to their jobs |
| capital resources | things made by people that help workers make goods or provide services |
| factory | a building where workers make goods |
| assembly line | a team of specialized workers |
| barter | direct trading of goods and services |
| how are money and barter similar and different? | money and bartering both help you get what you need. Money is different because it is easier to use, smaller to carry and people agree on what it is worth |
| how do banks help people with their money? | a. help you save and pay you interest for keeping your money in the bank. b. banks will loan you money you can pay back |
| give an example of personal opportunity cost | a. marissa gave up the cd to save for the jacket b. Teagan didn't buy anything for months or get presents so he could save for his 360 |
| Give an example of stores who compete with one another and how they compete with each other | Dick's and Champs sell sporting goods. Advertisements, sales, frequent buyer programs help them compete |
| Why does scarcity force people to choose? | There aren't enough goods so people have to choose only certain things they want. |
| Two examples of producers | a. |
| Two examples of consumers | a |
| Why do producers specialize | helps meet consumers wants and needs |
| Give an example of specialized producers | teachers, docotrs |
| What is the difference between supply and demand. | supply is the amount made, demand is the amount wanted. If there is a large supply |
| What are the three types of resources | human, capital and natural |
| give an example of human resources | a. |
| give an example of capital resources | a. |
| give an example of natural resources | a. |
| why is it important to follow the steps to making a product in the correct order? | helps produce goods quickly at low cost |
| Why is an assembly line important | its a team of specialized workers that make a product together. |
Created by:
slhanlon
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