Chapter 3, Social Studies

What might have drawn the first Americans to North America?

• Cheap land was for sale.

• They followed a migrating herd of animals.

• They wanted to live in a cooler climate.

• They had heard of its abundance of water.

Why did many settlers move westward during the early 1800's?

• work in factories

• follow migrating herds

• find more land

• build new buildings and cities

Which 1848 discovery led many people to move to California?

• farmland

• steel

• electricity

• gold

Which of the following in NOT a change that occurred in the late 1800's?

• more people moved from cities to rural areas.

• Industries grew near the sources of raw materials.

• many people left farming to work in the cities.

• Railroads expanded across the country.

How did people barter to get the things they needed?

• They traded goods and services they had for those they needed.

• They used money to buy goods and services.

• They developed skills to make things for themselves.

• They used valuable objects instead of money to buy things.

What role do producers play in the economy?

• They buy goods and services from other businesses.

• They make good or products to sell for a profit.

• They control the shipment of goods from one place to another.

• They decide what times of value can be used as money.

How does a business make a profit?

• It buys goods and services from other businesses at a high price.

• It does not pay the workers who make the products.

• It sets the price for its good and services high enough to pay for its costs and to have money left over.

• The government limits what goods a business can produce.

In a free enterprise economy , a business operates on what system?

• barter for services.

• supply and demand

• exchange of goods for shells.

• opportunity cost

What might happen if a business makes more of product than people want to buy?

• The price of the product will likely increase.

• The price of the product will likely decrease.

• The producer will stop selling the product.

• Consumers will ask the producer to make more of the product.

If the supply of a popular product is much less than the demand for it, what likely will happen to the price?

• It likely will go up.

• It likely will go down.

• People likely will pay any price.

• People will buy more.