Mixed Review 2: ELA and SS

Economics is...

• about making, selling, and buying stuff.

• only about spending money.

• not important to learn when you are young.

Consumer : producer =

• maker : buyer.

• buyer : maker.

• store : coupon.

Goods : services =

• what it available : how much your pay for what is available.

• things that you like : things that you do.

• things people make or grow for sale : type of work you pay someone else to do for you.

When demand is high, you can expect...

• prices to be lower.

• prices to be higher.

• prices to remain the same.

When the demand is low, you can expect...

• prices to drop.

• prices to go up.

• prices to stay the same.

Food, shelter, and clothes are...

• wants.

• supply.

• needs.

A plan to help with saving and spending is...

• a budget.

• a marketing plan.

• a bank account.

Marketing is...

• watching commercials and deciding what to buy.

• shopping at a market for the best prices.

• what you do in a business when you try to convince people to want and to buy what you have to sell.

Choose the example of interdependence.

• A farmer makes everything he needs and wants and does not need to depend on others.

• A farmer sells crops to earn money to pay a mechanic to repair his tractor; in turn, the mechanic uses the payment from the farmer to buy the farmer's produce from the grocery store.

• A farmer is a producer, not a consumer, and, therefore, only makes things and does not buy things.

When people want to buy toilet paper but it is not available, this is called...

• scarcity.

• bad luck.

• hoarding.