Social Studies - Test 3/5/14

Question 1

Definition:

the amount of goods available at a given time

Answer 1

supply

Question 2

Definition:

how many people want the goods that are available

Answer 2

demand

Question 3

If there is a lot of something available, the supply is ______.

Answer 3

If there is a lot of something available, the supply is high.

Question 4

Definition:

not enough of something available for sale

Answer 4

scarcity

Question 5

If many people want the goods available, there is _____ demand.

Answer 5

If many people want the goods available, there is high demand.

Question 6

If there are not many people who want the goods available, there is _____ demand.

Answer 6

If there are not many people who want the goods available, there is low demand.

Question 7

In April, many people wanted to buy eggs for Easter.

Was the demand for eggs higher or lower than normal?

Answer 7

higher

because a lot of people want to buy them

Question 8

In June, six of Jim and Kate’s hens were sick and could not lay eggs.

Was the supply of eggs higher or lower than normal?

Answer 8

lower

because they did not have as many eggs because the hens were sick

Question 9

In August, Jim and Kate bought ten more hens.

Did this cause the suply of eggs to go up or down?

Answer 9

up

because they have more eggs to sell

Question 10

October was national pancake month. Because of this, many people stopped buying eggs.

Did this cause the demand to go up or down?

Answer 10

down

because people were buying pancakes instead of eggs

Question 11

Definition:

the money people earn by working

Answer 11

income

Question 12

The spent money is called ______.

Answer 12

The spent money is called expenses.

Question 13

Trading instead of paying money to each other is _______.

Answer 13

Trading instead of paying money to each other is barter.

Question 14

Definition:

the study of how people use and transfer resources

Answer 14

economics

Question 15

Name the 3 kinds of resources studied in economics.

Answer 15

1. natural resources
2. human resources
3. capital resources

Question 16

Name the type of resources described below.

people who do the work

Answer 16

human resource

Question 17

Name the type of resources described below.

the tools and equipment that the workers use

Answer 17

capital resources

Question 18

Name the type of resources described below.

things that occur in nature

Answer 18

natural resources

Question 19

Definition:

goods we get from other countries

Answer 19

imports

Question 20

Definition:

goods sent to other countries

Answer 20

exports

Question 21

Sometimes, natural resources are called _________.

Answer 21

Sometimes, natural resources are called raw materials.

Question 22

From raw materials, people make _________.

Answer 22

From raw materials, people make finished products.

Question 23

Name the type of resource listed below.

a forest

Answer 23

natural resource

Question 24

Name the type of resource listed below.

a shoe store

Answer 24

capital resource

Question 25

Name the type of resource listed below. a doctor

Answer 25

human resource

Question 26

Name the type of resource listed below. iron ore

Answer 26

natural resource

Question 27

Name the type of resource listed below. a steel mill

Answer 27

capital resource

Question 28

Name the type of resource listed below. a river

Answer 28

natural resource

Question 29

Name the type of resource listed below. a truck

Answer 29

capital resource

Question 30

Name the type of resource listed below. a truck driver

Answer 30

human resource

Question 31

Definition: jobs that people do to hlep other people

Answer 31

services

Question 32

Definition: products that people make or grow

Answer 32

goods

Question 33

Does the worker below provide a good or service? jewelry maker

Answer 33

good

Question 34

Does the worker below provide a good or service? judge

Answer 34

service

Question 35

Does the worker below provide a good or service? baker

Answer 35

good

Question 36

Does the worker below provide a good or service? letter carrier

Answer 36

service

Question 37

Does the worker below provide a good or service? fire fighter

Answer 37

service

Question 38

Does the worker below provide a good or service? farmer

Answer 38

good

Question 39

Definition: people or companies that make goods or provide services

Answer 39

producers

Question 40

Producers sell their goods and services to \_\_\_\_\_\_.

Answer 40

Producers sell their goods and services to ***_consumers_***.

Question 41

Definition: the way goods or services are made

Answer 41

production

Question 42

\_\_\_\_\_\_\_ sell goods and services.

Answer 42

***_Producers_*** sell goods and services.

Question 43

\_\_\_\_\_\_\_\_ buy goods and services.

Answer 43

***_Consumers_*** buy goods and services.

Question 44

Production makes use of the three \_\_\_\_\_\_\_.

Answer 44

Production makes use of the three ***_resources_***.

Question 45

Capital resources are the ______ the workers need.

Answer 45

Capital resources are the ***_tools_*** the workers need.

Question 46

The products made in production are called \_\_\_\_\_.

Answer 46

The products made in production are called ***_outputs_***.

Question 47

The resources used in production are called \_\_\_\_\_\_.

Answer 47

The resources used in production are called ***_inputs_***.

Question 48

World trade increases \_\_\_\_\_\_\_.

Answer 48

World trade increases ***_interdependence_***.

Question 49

True or False World trade is trade between different countries.

Answer 49

True

Question 50

True or False Exports are made in another country and shipped to buyers here.

Answer 50

False Exports are made in our country and shipped to another country.

Question 51

True or False Imports are made in another country and shipped to buyers here.

Answer 51

True

Question 52

True or False Interdependence means that people or countries depend on each other.

Answer 52

True

Question 53

Defintion: a place where people buy and sell goods and services

Answer 53

market

Question 54

In any market, there must be \_\_\_\_\_\_\_\_.

Answer 54

In any market, there must be ***_sellers and buyers_***.

Question 55

Definition: people who take risks to start a business

Answer 55

entrepreneurs

Question 56

the opportunity you lose when you make a choice between two things

Answer 56

opportunity cost

Question 57

Different producers of the same good or service are in \_\_\_\_\_\_\_\_.

Answer 57

Different producers of the same good or service are in ***_competition_***.

Question 58

An _______ is when you offer certain items to make consumers choose their product.

Answer 58

An ***_incentive_*** is when you offer certain items to make consumers choose their product.