Unit 10 Social Studies Test Review Spending/Saving Supply and Demand

Question 1

When you go to the store and buy new clothes, what are you doing with your money?

Accepted Answer

Spending

Question 2

If you go to Walmart to buy bread, but they are all sold out. This in an example of what?

Accepted Answer

Scarcity

Question 3

I make bracelets and sell them to my friends. What am I doing?

Accepted Answer

Earning

Question 4

You are selling hot cocoa on a hot day but no one is buying. Why should you lower the price?

Accepted Answer

The demand is low

Question 5

Brrrr It's COLD outside and now everyone wants hot chocolate. What should you do?

Accepted Answer

Raise the price because of the high demand

Question 6

What is a budget?

Accepted Answer

A plan on how I will spend and save my money.

Question 7

Granny sews blankets for people, but she can't find a company who will ship them. Example of?

Accepted Answer

Scarcity in distribution

Question 8

If you made the stuffed animal, the money you spent making it is the _________?

Accepted Answer

Production Cost

Question 9

We spend money on electricity for our homes. The electricity is an example of what?

Accepted Answer

Services

Question 10

When one store lowers their prices because a new store is opens up in town. Why did this happen

Accepted Answer

There are more stores to choose from

Question 11

Day after Valentines and Walmart has 100 stuffed animals. What should they do to sell them?

Accepted Answer

Lower the price

Questions 11