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S.S. Weekly 27 & 28

Studies Weekly Weeks 27 and 28 Review

QuestionAnswer
Read this sentence: The neighborhood ice cream man always has a long line of children ready to purchase ice cream. The demand for ice cream is _____ a. high b. low a. high
2. Everyone wants a limited edition bike. There are only a few available. This means the price will ______. a. increase b. decrease a. increase
When the supply of a good is low and the demand is high, what happens? a. the price goes up b. everybody buys it c. the price goes down d. the store gives it away a. the price goes up
___________ means the demand for a good or service is more than the supply. a. Needs b. Scarcity c. Wants d. Surplus b. Scarcity
Which of the following would result in scarcity? a. A small town has five toy stores. b. Drought affects the crops in a region. c. Tiffany’s chickens produce dozens of eggs. d. Julissa’s orange orchard has a large harvest. b. Drought affects the crops in a region.
Why does the cost of a good usually go down over time? a. The good becomes scarce. b. Goods always go up in price. c. Fewer people want the good. d. The good costs more to make. c. Fewer people want the good.
Scarcity happens when people want a product or service, but there is not enough for everyone. Which phrase helps the reader understand the meaning of the word scarcity? a. product or service b. not enough c. produce d. to sell b. not enough
What is an example of scarcity? a. Raul has eight pairs of shoes. b. Cari brought five new pencils to school. c. Coach Johnson has two bottles of water for the team. d. The Adams family picked 15 tomatoes from their garden. c. Coach Johnson has two bottles of water for the team.
One way to increase your profit as a business owner is to __________. a. sell fewer items b. increase expenses c. lower production costs d. decrease prices of goods c. lower production costs
How did Henry Ford change the manufacturing process? a. He invented the assembly line. b. He created a new way to ship goods. c. He stocked the shelves with low priced goods. d. He bought supplies from the lowest-priced seller. a. He invented the assembly line.
Matching: Match each individual to the business they started. Sam Walton started _______. a. Ford Motor Company b. Virtual Intelligence Providers c. Me and the Bees Lemonade d. Walmart d. Walmart
Matching: Match each individual to the business they started. Mikaila Ulmer started _______. a. Ford Motor Company b. Virtual Intelligence Providers c. Me and the Bees Lemonade d. Walmart c. Me and the Bees Lemonade
Matching: Match each individual to the business they started. Sonia Clayton started _______. a. Ford Motor Company b. Virtual Intelligence Providers c. Me and the Bees Lemonade d. Walmart b. Virtual Intelligence Providers
Matching: Match each individual to the business they started. Henry Ford started _______. a. Ford Motor Company b. Virtual Intelligence Providers c. Me and the Bees Lemonade d. Walmart a. Ford Motor Company
Profit is the money left over after a business pays all of its expenses. What does expenses mean? a. the costs to run a business b. the money a business earns c. the money left over after profits d. the price of the goods being sold a. the costs to run a business
If it costs $0.60 to make a cup of lemonade, what happens if you sell it at $0.50? a. You earn $0.10 b. You earn $0.15 c. You lose $0.10 d. You lose $0.15 c. You lose $0.10
The ________ is how much it costs to make the goods or provide a service. a. production cost b. total expenses c. lost profits d. cut losses a. production cost
What idea made it possible to produce more cars in a shorter time? a. cheaper cars b. building cars c. assembly line c. assembly line
Created by: perla.andrade
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