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How Our Economy Works Flashcards | StudBud

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How Our Economy Works

10 terms·StudBud Administration·436 plays

This is a quiz designed for a 3rd grade Social Studies Unit focused on what happens to prices when supply and demand change.

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Questions 10

Answers

1
What is a market?
A place where buyers and sellers come together
A large super store such as Walmart
A business with limited competition
A place with very few choices
2
The total amount of a good or service that is available to buy is called...
the supply.
the demand.
competition.
a market.
3
All of the following are services except...
toys
a dentist
a barber
a gardener
4
The need or want for a particular good or service is called...
the economy.
the opportunity cost.
the supply.
the demand.
5
All of the following are goods except...
shoes.
fruit.
milk.
a mail carrier.
6
When an item becomes popular and many people want it...
the item is given away for free.
the price goes up.
the price stays the same.
the price goes down.
7
When demand is high and supply is low...
the seller has a sale.
the prices go up.
the prices go down.
the prices stay the same.
8
An economy is made up of....
the amount of people that live in a place.
the types of people that live in a place.
the goods that are offered.
all of the businesses in a place.
9
When sellers have extra goods they need to sell, the price usually...
goes way up
goes up.
goes down.
stays the same.
10
When businesses compete, what happens to the prices?
<p>Nothing because businesses do not compete.</p>
Prices go up.
Prices stay the same.
Businesses lower their prices to get more customers.