If you want to buy a new toy, what will you need to do with your money?

save money until I reach my goal

When someone donates money, what are they doing?

giving their money away to another person or organization

What is the meaning of selling price?

amount a buyer pays for a product or service

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Economics

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A #test #review for an #economics unit in #social studies.

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Questions 13

Answers

1
What is a profit?
amount a buyer pays for a product or service
the amount of goods that people want to buy at a given price
there isn't a lot of it or it isn't always available
the difference between the amount earned and the amount spent
2
What is demand?
amount a buyer pays for a product or service
there isn't a lot of it or it isn't always available
a stock of a resource
goods that people want to buy at a given price
3
What are the parts of a simple budget?
income
saving
toys
spending
4
When the demand for an item is up....
it vanishes
the price goes up
the price does not change
the price goes down
5
When there is not much of a product it is called...
peanuts
demand
supply
scarcity
6
What happens when something is sold for less than it cost to make it?
make a large profit
the producer cries
demand goes down
the producer makes no profit
7
Who started a business that sold items at discounted prices and grew to over 1,000 stores?
George Washington
Martin Luther King, Jr.
Mr. Conley
Sam Walton (Walmart)
8
What is an entrepreneur?
a teacher
someone who starts a business
who knows??
a snake
9
What is supply?
a stock of a resource
the amount of goods that people want to buy at a given price
amount a buyer pays for a product or service
there isn't a lot of it or it isn't always available
10
If you want to buy a new toy, what will you need to do with your money?
donate it to an organization
give it to your friends
let it lay around my bedroom
save money until I reach my goal
11
When someone donates money, what are they doing?
giving their money away to another person or organization
going on a trip
working at a job
selling lemonade
12
What is the meaning of selling price?
amount a buyer pays for a product or service
the amount of goods that people want to buy at a given price
the difference between the amount earned and the amount spent
there isn't a lot of it or it isn't always available
13
A way to earn money...
paying the doctor
working at a job
putting money in your piggy bank
buying a toy at a shop

Economics Flashcards | StudBud