Ch 9 Social Studies Review Flashcards

1

Which of these is a service?

Baseball
Ticket to the baseball game
Mowing the field

2

What three columns are important to have on a budget?

Income, Spending, and Saving
Wants, Needs, and Supplies
Week 1, Week 2, and Week 3
Softballs, Bats, and Gloves

3

What do all businesses provide?

Products
Goods & Services
Supplies
Lessons

4

What is a budget?

Something you give up
A plan for saving and spending
Money you earn

5

What is supply?

The right price for a product
The amount of product people want
The amount of product for sale

6

Which of these is a want?

Air
Water
Juice

7

What is a need?

Something you would like to have
A plan for saving and spending
Something you need to survive

8

What is demand?

The price of a product
The amount of a product people want to buy
The amount of product for sale

9

Which of these is a need?

Microwave
Umbrella
Clothes

10

What is profit?

All the money you earn
The money you have left after your costs are paid
All the money you save

11

Goods and Services together are called...

Products
Supply
Choices

12

Income is...

Money you save
Money you earn
Money you have left over

13

Opportunity cost is...

Choosing between two items
How much you pay for something
Giving something up to buy something else

14

Which of these is a good?

Mowing the field
Bat
Baseball Lessons

15

Joe wants to buy a football or basketball and chooses football. What is his opportunity cost?

Baseball
Football
Basketball

16

What is a want?

Money
Something you need to survive
Something you would like to have

17

When you make an economic choice, you...

Can't make a choice
Choose to buy two things
Choose to buy one thing rather than another

Ch 9 Social Studies Review

Questions 17

Ch 9 Social Studies Review

Questions 17