Social Studies Chapter 7 Review

People at a bank want to use their capital resources wisely so that they can earn a profit. Which of the following is a bank's capital resource?

• money

• water

• employees

• wood

What is the study of how goods and services are produced, distributed, and consumed?

• specialization

• economics

• division of labor

• interdependence

A dentist cleaning your teeth is an example of ______.

• bartering

• a want

• a service

• a good

Trade, education, and jobs are all ways countries _____ each other.

• barter with

• pay

• depend on

• borrow from

Which word BEST describes when more oranges are grown in a single season that are needed?

• scarcity

• abundance

• opportunity cost

• value

A person who makes furniture is ________.

• an inventor

• a natural resource

• a capital resource

• a producer

What special job would a factory worker have in getting a can of corn into a grocery store?

• growing the corn

• keeping soil & plants healthy

• doing the farm budget

• putting the corn into the can

Why are transportation and communication important to international trade?

• They help move goods more easily

• They lower the amount of the supply so the cost will rise

• They raise demand so the prices can rise

• They are not important to international trade.

If you choose to buy a new notebook instead of a new toy, what is the toy considered?

• The toy is a need.

• The toy is a want

• The toy is the opportunity cost

• The toy is a capital resource.

How does specialization help a country's economy?

• It allows one country to sell its products and skills to another

• It makes it more of a free market

• It allows the country to borrow more money

• It allows the country to receive more credit