2nd Six Weeks Test Review

Shared traditions and beliefs are terms associated with a country’s

• Culture

• Patriotism

• Push Factor

• Cultural Exchange

Supply is the amount of a good or service that’s available to buy. If there are 70 birthday cakes available for sale, the supply is 70. When there’s a lot of a good or service available, we say the supply is high. When there’s not much available, we say the supply is low. Demand is how much of a good or service people want to buy. If 50 people each want to buy a birthday cake, the demand is 50. Demand is high when many people want to buy a good or service. It is low when not many people want to buy the good or service.

A bookstore has 100 copies of Harry Potter and the Sorcerer’s Stone. 65 people want to buy one copy each. Based on the passage above, what is the demand for Harry Potter and the Sorcerer’s Stone?

• 100

• 65

• 35

• 165

The United States is considered to be this type of democracy:

• Representative Democracy

• Constitutional Monarchy

• Monarchy

• Dictatorship

Nature and the environment can affect the supply of a good or service. For example, almonds need a lot of water to grow. If there’s a drought, a long period of time with little or no rain, it can became harder to grow almonds. The cost of producing a good or service can also affect its supply. Imagine a new toy is very expensive to make. To save money, producers may not supply as many of the toy.

Sometimes, people are not able to buy all the goods and services they want because the goods and services are not available. People cannot find the goods or services or have trouble finding them. This is called scarcity. The good or service that is in very low supply is scarce.

• easy or possible to get

• hard to find

• needing water grow

• costing a lot of money

Most countries that practice a communist economy usually have a poor economy because…

• The people get everything they need and have no need for money.

• The people know that no matter how hard they work, they are not going to excel in life. They will be stuck at the same social level.

• Many of the people have already died before they calculate the economy.

• They aren’t, they are among the richest in the world.

Tools we use to make products...

• capital

• land

• entrepreneurs

• labor

In an unlimited government, power belongs to whom?

• The People

• The Constitution

• The ruler or rulers

• No one

This type of economic system is usually in countries that are poor.

• Traditional economic system

• free enterprise economic system

• command economic system

• mixed economic system

In Brazil, the people elect officials to represent them in government. The government of Brazil is:

• Dictatorship

• Constitutional Monarchy

• Democracy

• Absolute Monarchy

When a lot of people want to buy something, but it’s hard to find, the price often goes up. Imagine that a lot of people want to buy almonds because they’re healthy and are used in many recipes. Demand for almonds would be high. But if there’s a drought, almonds may be hard to find. When almonds are scarce, people may be willing to pay more for them. The almond producers can raise the price.

How does the author of this passage show that the price of something often goes up when a lot of people want to buy it, but it’s hard to find?

• by explaining the results of a science experiment

• by describing a situation that could happen in real life

• by using quotes from an expert in supply and demand

• by describing conversations he had with consumers