Unit 2 Social Studies Review

If Frannie has a small supply and a high demand, what will happen to the price of the apples?

We have so many different holidays/ traditions in our community because...

What is a way of life shared by a group of people?

Profit is the amount of money earned by a business after costs are removed

the total amount of goods/ services I have to sell is called...

an economy where choices are left up to each buyer and seller

What is a place where buyers and sellers come together?

Scarcity is when people want more things than they can actually have.

Frannie is a part of the free market economy because

What are tasks you pay someone to do for you?

food, holidays, and languages all make up what

what is demand?

what is made up of different groups of people and cultures?

Jerry lives in a big city with many people. The environment he lives in is

What is the system that goods and services are bought and sold?

what are items that can be bought, sold, or traded (Ex. food or computers)

I am having a lemonade stand. I spend $4 on supplies. At the end of the day I earn $20. What is my profit?

What is an example of a service?

Why does the seller lower her price?

What cultural thing do you see people sharing in the community?