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Economics SS Test

This is the study guide answers for the Economics Social Studies Test.

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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