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Economics SS Test
This is the study guide answers for the Economics Social Studies Test.
| Question | Answer |
|---|---|
| What is the definition of resource? | something used to produce goods and services |
| What is the definition of barter? | to trade without using money |
| What is the definition of opportunity cost? | the thing that you give up when you buy something |
| What is the definition of specialization? | making one kind of good, or providing one kind of service |
| What is the definition of scarcity? | not having enough of something |
| What is the definition of currency? | a country's system of money |
| What is the definition of interdependence? | depending on other's to produce things you need |
| What is the definition of deposit? | to put money into a bank |
| What is the definition of needs? | things that you cannot live without: food, water, clothing, and shelter |
| What is the definition of wants? | things we like to have, but aren't necessary to survive |
| What is the definition of services? | an activity you pay someone to do for you |
| What are the four things that are needs? | food, water, clothing, and shelter |
| What is bartering? | When you trade something for something else, without using money |
| What is a producer? | A person who makes a good or provides a service |
| What is a consumer? | A person who buys a good or service |
| Give three examples of a good: | food, books, clothes |
| Give three examples of a service: | haircuts, movies, piano lessons |
| Why would giant rocks not make a good form of money? | they would be too heavy and not easy to move or carry |
| Why would tea leaves not make a good form of money? | it is not durable |
| What happens to demand when you have a low supply of an item? | Demand goes up |
| How does advertising affect the demand for a product? | It helps create a demand for a product |
| If supply goes ____________, the price of an item goes up | down |
| If an item is in HIGH demand, the price will go ______________ | up |
| The $1.00 Canadian coin is called a ______________ | loonie |
| Canadian money is printed on plastic paper called ______________. | polymer |
| The two countries that have pictures of Queen Elizabeth on their money are ______________ and _____________ | Canada and Caribbean |
| Using ______________ to buy things is easier then bartering. | money |
| ________________________, __________________________, and ______________________ are countries that count their money in dollars. | United States, Canada, and Mexican |
| _____________________ has bills that are different lengths to make them easier to tell apart. | Mexico |
Created by:
themrsfoster
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