If many people want a good then the good has a High supply High demand Low supply Low demand Why dont they sell worm flavored ice cream in the United States There is a high supply for it ID: 736073
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Slide1
Social Studies Unit 5 Test 1Slide2
If many people want a good, then the good has a ________________
High supply
High demandLow supplyLow demandSlide3
Why don’t they sell worm flavored ice cream in the United States?
There is a high supply for it
There is no demand for itIt would cost too muchThere is a high demand for itSlide4
Long ago people used to barter to get what they needed. One person might exchange cabbage for a neighbor’s sheep. Using money makes it easier to get what you need because you
Don’t need to find someone who needs what you have and who has what you want
Can always have enough of what you needDo not have to work for a living
Didn’t have to travel to find what you want Slide5
Which of the following is NOT a capital resource?
buildings
moneyComputers waterSlide6
You go to the store and buy some
Takis
. What are you? A goodA producerA consumer
A profitSlide7
Your parents help you out with your online shoe business by buying you a new computer. Which productive resource are your parents supplying?
Labor
Supply and demandNatural resourceCapital resourc
eSlide8
Which of the following completes the chart?
Buying food
Attending schoolVisiting friendsLawn MowingSlide9
Which of the following is a labor resource needed to produce bread?
The soil
The bakerThe ovenThe wheatSlide10
Which of the following is an example of a non-renewable natural resource?
Oil
CowsWheattreesSlide11
Which of the following is NOT a major good produced in Louisiana?
Sugarcane
SoybeansSweet potatoesMaple syrup Slide12
Which of following is an example of an opportunity cost?
the price of a new video game goes up because there is not a large supply
You make too many cupcakes so you have to lower the price you sell them for You decide to use a building to open a candy store instead of a shoe store
The demand of a book goes down because the next book in the series has come outSlide13
Sabrina has chosen a new
iphone
6 that she wants to buy, but she cannot afford it. Her friend, Jacob, tells her to wait because a new version of the phone (Iphone 7) she likes will come out at the end of the year. The new version will run faster and have more storage space than the one Sabrina likes. Jacob says that by then, the Iphone 6 Sabrina wants will be a lot less expensive. Why does the price drop for the
iphone
6 Sabrina wants?
New, more advanced phones become available, and it shrinks the demand for the old phones
Demand for these phones grows because businesses find new ways to use them
Stores do not have enough supply of the phonesPhone makers have a hard time making the phones Slide14
Which of the following completes the chart?
Restaurants
SchoolsStoresPotatoesSlide15
Why is it important to have a budget?
So you can make sure you have enough money to pay for everything you need
To decrease your inventoryTo raise the demand for your product
A budget allows you to buy whatever you want Slide16
How does a credit card work?
You make a promise that you will come back to the store and pay
You get all items at a lower sale priceYou can buy an item now and pay laterYou have to pay for half of the item in cash Slide17
Use the story to answer the next two questions:
In the 1990’s a new toy, the
Furby, became very popular. Almost every child, boy or girl, wanted one. When consumers heard that a store received a shipment of these
Furbies
, many would camp out overnight in front of the store to be one of the first to get one. Often times the store would run out of
Furbies
within thirty minutes. Days would go by before other stores would get a shipment. These
Furbies were like gold, and people would have fist fights in the middle of the store to get one. They could not make the Furbies fast enough for everyone who wanted one to get one. Slide18
The story you just read is an example of:
Labor
ScarcitySupply
Bartering Slide19
A mother wanted a
Furby
so badly for her daughter that she worked an extra job to save $450.00 so she could buy one from her neighbor. She gave up her time to make more money to buy something her daughter wanted. This is an example of:A producerA productive resource
Capital
A trade-off