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Social Studies: Economy Review Flashcards | StudBud
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Social Studies: Economy Review
Social Studies: Economy Review
20 terms
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StudBud Administration
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Review of the unit about the #economy for #3rdgraders.
Flashcards
20 cards
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Practice quiz
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Questions
20
Answers
1
What is supply?
How much the good or service is wanted
I'm not sure
The amount of a good or service available to buy
2
Fill in the blank.
Our ___________ is made up of a market where goods and services are sold.
world
economy
market
store
3
What will happen supply is low and demand is high?
The prices will stay the same.
They prices will increase.
The prices will decrease.
I'm not sure.
4
What is an example of a
service
?
Buying groceries
Calling a plummer to fix your sink
Hiring a construction worker to fix a broken window
Going to the grocery store
5
Something you pay people to do are called...
I'm not sure
Market
Goods
Services
6
What will happen to the prices when supply is high and demand is low?
I'm not sure
They will stay the same.
They will decrease.
They will increase.
7
Oliver is sell pizza to fundraise for his soccer team. Is he a Producer or a Consumer?
Producer
Consumer
8
What is an example of a
good
?
Going to the gym
Getting your haircut
Fruit
Going to school
9
What is a consumer?
Someone who joins a new club.
Someone who sells goods or services at the market.
Someone who purchases goods and services
Someone who works for the economy.
10
What is a producer?
Someone who is on a team.
Someone who buys goods and services at the market.
Someone who shares their toys with others.
Someone who creates/sells goods and services
11
An example of a market would be...
The court house
The mall
Horn Elementary
The gym
12
If you are selling bananas, but everyone is selling bananas, what will you do to your price?
Lower it so you can make a profit
I'm not sure
Give them away for free
Raise it so you can make a profit
13
You are the only person in town who sells mangos. What will you do to your prices?
I'm not sure
Lower them
Keep them the same.
Raise them
14
Items you buy are called...
I'm not sure
Goods
Economy
Services
15
What is demand?
I'm not sure
How much the good or service is wanted
How much there is of a good or service
How much of a good or service is sold
16
Is a Happy Meal considered a good or a service?
Service
Good
17
Is going get a haircut considered a good or a service?
Good
Service
18
What is a place where buyers and sellers come together?
economy
market
I'm not sure
service
19
What causes prices to increase?
Low supply, Low demand
Low supply, High demand
High demand, low supply
High supply, high demand
20
Marina went to the farmer's market to purchase local, fresh fruit. Is she a producer or a consumer?
producer
consumer
