What causes a company to lower the price of a product?

Demand goes down., Supply goes up.

What causes a company to raise the price of a product?

Supply goes down., Demand goes up.

What is the BEST definition for the term, DEMAND?

The amount of goods and services that people want to buy.

What is the BEST definition for the term, BUDGET?

A plan that shows income, spending, and saving.

What is the BEST definition for the term, SAVINGS?

The amount of income not spent.

What is the BEST definition for the term, OPPORTUNITY COST?

What you give up when buy 1 thing instead of another thing.

What is the BEST definition for the term, SUPPLY?

The amount of product producers want to sell.

What is the BEST definition for the term, ECONOMIC CHOICE?

When you buy one thing instead of another thing?

What does the word EARN mean?

to get money for doing a job or work

What is the BEST definition for the term, SPENDING?

The amount of money used to purchase goods and services.

What is the BEST Definition for the term, INCOME?

All of the money earned from a job and other places.

What is the BEST definition for the term, PROFIT?

The income a business earns after all costs are paid.

What is the BEST definition for the term, WANT?

A need that people spend extra on., A good or product that people desire.

What is the BEST definition for the term, NEED?

A product that is required to survive.

What is the BEST way to decide which kind of bike you want to buy?

Make a chart of the important parts of it.

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Kids & Money

20 termsStudBud Administration383 plays

Social Studies review for the Budget Project.

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Questions 20

Answers

1
Which is an example of a want?
fancy clothes
clothes
food
shelter
2
Which one of these is NOT an example of a service?
paying for shampoo
paying for your car to be fixed
paying for a haircut
paying to have someone drive you to the airport
3
What causes a company to lower the price of a product?
Demand goes up.
Demand goes down.
Supply goes down.
Supply goes up.
4
What causes a company to raise the price of a product?
Demand goes down.
Supply goes down.
Supply goes up.
Demand goes up.
5
What is the BEST definition for the term, DEMAND?
The amount of goods and services producers have to sell.
The amount of goods and services that people want to buy.
Free items that people demand.
The amount of money a producers earn.
6
What is the BEST definition for the term, BUDGET?
A plan that shows income, spending, and saving.
A plan that shows saving.
A plan that shows income.
A plan that shows spending.
7
Which is an example of a need?
an ice creme sundae
an expensive steak
a restaurant meal
milk and bread
8
What is the BEST definition for the term, SAVINGS?
The amount of money you find in your couch.
The amount of income not spent.
The amount of income spent.
The amount of money you have in your pocket
9
What is the BEST definition for the term, OPPORTUNITY COST?
When you eat both cake and ice cream for dessert.
When you watch one TV show and record another show.
What you give up when buy 1 thing instead of another thing.
When you eat cake instead of ice cream for dessert.
10
What is the BEST definition for the term, SUPPLY?
The amount of money made by producers.
The amount of product producers want to sell.
The amount of products actually sold by producers.
The amount of products people want to buy.
11
What is the BEST definition for the term, ECONOMIC CHOICE?
When you need to fix your car.
When you need to buy food.
When you buy one thing instead of another thing?
When you choose to eat at Burger King instead of McDonalds.
12
What does the word EARN mean?
to borrow money from the bank
Bert's friend
to receive money as a present
to get money for doing a job or work
13
What is the BEST definition for the term, SPENDING?
The amount of money used to purchase goods.
The amount of money used to play Monopoly.
The amount of money used to purchase services.
The amount of money used to purchase goods and services.
14
Which one of these is NOT an example of a good?
Internet Connection
a video game
an ice cream sundae
a computer
15
What is the BEST Definition for the term, INCOME?
When you decide to put money into a bank.
When you receive a check.
All of the money earned from a job and other places.
When someone comes into your home.
16
What is the BEST definition for the term, PROFIT?
The total amount of money a business earns.
The money a business uses to make products.
The leftover products.
The income a business earns after all costs are paid.
17
What is the BEST definition for the term, WANT?
A need that people spend extra on.
A good or product that people desire.
A good or a service that you sell.
A good or service people need to survive.
18
What is the BEST definition for the term, PRODUCTS?
Goods and services
services
goods
19
What is the BEST definition for the term, NEED?
A product that helps you relax.
A product that is required to survive.
A product that other people have but you don't.
A product that you want to buy.
20
What is the BEST way to decide which kind of bike you want to buy?
Buy the one that looks the best.
Ask someone else to make the choice.
Close your eyes and pick one.
Make a chart of the important parts of it.

Kids & Money Flashcards | StudBud