Social Studies: Economics Review

What are goods?

• Things in the world.
• Things that are made or grown and then sold.
• Only positive things that happen to consumers.
• An activity that a business or person trades for payment.

What is an example of a good?

• a haircut

• a toy

• lawn mowed

• wall painted

Which is an example of a want?

• water
• clothing
• iPad
• shelter

Which is an example of a service?

• buying lunch
• going to see a movie
• visiting the doctor
• buying new shoes

What is an example of a need?

• TV

• video game

• bike

• food

When you purchase something at a store are you a producer or consumer?

• consumer
• producer

How willing people are to buy goods or services is called...

• scarcity

• resource

• demand

• good

The total amount of a good or service that is available to buy is called

• demand
• incentive
• profit
• supply

When there is a high supply and low demand, then prices will go down.

• True

• False

When there is a low supply and high demand, then prices will go up.

• True

• False