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Duplicate of SS Common Assessment 4 Econ & Global Trade Flashcards | StudBud
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Duplicate of SS Common Assessment 4 Econ & Global Trade
Duplicate of SS Common Assessment 4 Econ & Global Trade
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Economics & Global Trade Common Assessment 4
Flashcards
21 cards
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Practice quiz
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Questions
21
Answers
1
Mrs. Pompella and Mrs. Hudson could charge what kind of prices for their hot chocolate?
Low
High
2
Which one best describes a market?
Grandma's house
A place where buyers and sellers come together.
A place where farmers come together.
Ice cream shop
3
When people go to a market they will most likely....
Become farmers
Look around
Act like clowns
Buy and sell things
4
Mrs. Pompella's demand is low, so her prices would have to be
Low
High
5
What does it mean to trade?
Extra things
Give things away
Selling what you have extra of and buying what you need
Show and tell
6
What is demand?
The number of people who want to buy a product
How many products are for sale
How many products are for sale at one place
7
What happens to prices when supply is high and demand is low?
Prices go down
Prices go up
8
Why does the United States sell wheat and buy bananas?
We like to eat them.
Its too hot to grow bananas in the United States
Bananas are yellow
It is too cold to grow bananas in the United States
9
What does manufactured mean?
homemade
made by machine
grown on a tree
10
What happens to prices when supply is low and demand is high?
Prices go up
Prices go down
11
True or false: Global trade includes trading with countries all around the world
False
True
12
True or false: A seller can only sell food or flowers
False
True
13
What is supply?
Number of people who want to buy a product
How much homework I do
Amount of product for sale at one place
The TOTAL amount of a product for sale
14
If Mrs. Pompella decided to sell flip flops in a snow storm, the demand would be
Low
High
15
If Mrs. Hudson decided to sell hot chocolate on the hottest day of summer, the demand would be
High
Low
16
A synonym for customer is
Farmer
Buyer
Seller
Mickey Mouse
17
What is global trade?
All the things we get from other countries
Giving things away
All the things we give to other countries
Buying & selling of goods between countries around the world
18
Mrs. Hudson decides to sell hot chocolate in Mrs. Pompella's snowstorm, the demand would be
High
Hot chocolate is bad for your teeth
Low
19
A market is a place where buyers & sellers come together. Which one of these is not a market?
School bus
A pet store
School Store
Hopewell's caferteria
20
Mrs. Bryan is selling free passes for homework. Her demand would be
Low
Nobody would want them because we all love homework!
High
21
Which is a natural resource?
Computers
Car
Shoes
Cows
