Social Studies Economics

Which is a need in a community?

• Soccer field

• Park

• Food

You only have enough money for 1 of the items below. Which item is the best choice to purchase?

• Shoes

• Star Wars dvd

• Shopkins

Your family has to choose between going to the movies or swimming at the community pool. They decide to go swimming. Which is the opportunity cost?

• movies

• swimming

When the supply of a product decreases, what happens to the demand?

• the demand never changes

• the demand decreases

• the demand increases

A mail carrier and police officer are examples of a community service worker.

• True

• False

How does the United States get bananas?

• it sells goods to another country to get bananas

• it trades goods with another country to get bananas

• it borrows money from other countries to get bananas

A __________ is when you borrow money from the bank.

• loan

• tax

• service

What is the responsibility of a Lego producer?

• stack Legos on the shelves in a store

• working in a factory to create Legos

• buying Legos from the toy store

Supply is:

• a person who creates a good or service

• something you need to live

• how much of something there is available

The amount of something that people want is called the

• good

• need

• demand