What does economy mean?

a system on how we manage our money and resources

Why do we need taxes?

to pay for government jobs and services

Which is an example of a producer?

a farmer growing sugarcane to sell to his community

Which is an example of specialization?

a farmer that only grows sugarcane

people who buy a service or a good

Who/what are producers?

People that grow or create something

How much of something that is available.

How are Louisiana farmers unique?

most specialize in one specific crop

Why do consumers need producers?

Consumers need producers to make their goods that they need/want.

What is interdependence?

when people and countries depend on others to produce things they want/need

Why do producers need consumers?

Producers need consumers to buy their goods.

What is the meaning of the term "demand"?

how much of something consumers want

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S.S. Unit 4 & 5

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Questions 22

Answers

1
A teacher teaching her students is an example of a producer.
False
True
2
When demand increases, price increases.
True
False
3
What does economy mean?
a place that stores our goods
a system on how we manage our money and resources
where natural resources are stored
how we pay people
4
Why do we need taxes?
to help grocery stores
to build houses
to give money to the president
to pay for government jobs and services
5
Which is an example of a producer?
a farmer growing sugarcane to sell to his community
a person playing Fortnite all day
a kid sleeping all day and being lazy
a kid buying takis at the grocery store
6
Which is an example of specialization?
a truck driver making deliveries
a farmer that grows cotton, corn, and sweet potatoes
a grocery store that sells goods
a farmer that only grows sugarcane
7
Who are consumers?
people who produce a product
when you specialize in one thing
people who buy a service or a good
people that eat at restaurants
8
Who/what are producers?
people that buy goods
factories that pay their employees
People that grow or create something
when you buy and sell crops
9
My mom buying groceries at the store is an example of a producer.
True
False
10
What is a supply?
what people want to purchase
having a scarcity of items on the shelves
having too many goods so you have to drop the price
How much of something that is available.
11
How are Louisiana farmers unique?
most specialize in one specific crop
they only grow cotton and soybeans
they catch seafood to sell
farmers grow many things
12
When supply decreases, price decreases.
False
True
13
Why do consumers need producers?
So they can buy their services
Consumers need to be able to make things.
Consumers need producers to make their goods that they need/want.
Producers like to sell their items.
14
My dad buying coffee at CC's is an example of a consumer.
False
True
15
Which is an example of a service?
buying items at a store
someone giving you a haircut
someone watching tv with you
having a surplus of goods
16
A fishing industry that catches seafood and sells to people is an example of a producer.
True
False
17
When demand decreases, price decreases.
True
False
18
What is interdependence?
a person who provides a service
when you have too much of something
when a car industry only produces cars
when people and countries depend on others to produce things they want/need
19
Why do producers need consumers?
Producers need consumers to buy their goods.
so they can make more supplies
Producers need to be able to sell all of their goods.
Consumers need to make the goods.
20
What is the meaning of the term "demand"?
a person who buys something
how much to pay for taxes
when people no longer want an item
how much of something consumers want
21
When supply increases, price decreases.
False
True
22
Which is an example of a demand?
how much of something that's available
A kid wanting 3 new bikes.
having too much of a good
not having enough of a product

S.S. Unit 4 & 5 Flashcards | StudBud