SSA Lesson 8- Understanding Our Economy

1. A market is a place where

• scientists research chemicals

• teachers meet and share ideas.

• volunteers help other people.

• buyers and sellers come together.

Suppose you are a buyer in a market. What do you want?

• high prices and good quality

• low prices and good quality

• low prices and poor quality

• high prices and poor quality

The system in which goods and services are bought and sold is called...

• scarcity

• a market

• an economy

• a competition

Which of the following is a good?

• books

• clothing

• food

• all of the above

What is a service?

• a place where goods are traded and sold

• a task that you pay someone to do for you

• an item that can be bought, sold, or traded

• an economy in which people buy things

A farmer who runs a petting zoo is

• creating scarcity.

• making a good

• providing a service

• spending their money.

_________ is when people want more things than they can have.

• cost

• benefit

• scarcity

• economy

Which of these is something that is scarce?

• time

• apples

• shoes

• all of the above

How do most people get things they want?

• They ask to borrow things.

• They take things without asking.

• They purchase things with money.

• They make all of the things they want.

A good choice occurs when

• people get everything they want.

• goods and services are on sale.

• costs are greater than benefits.

• benefits are greater than costs.