3rd grade social studies Ch 9

One thing a store owner can do to increase profit?

• increase the supply of goods

• sell goods at a lower profit

• sell goods at a higher price

• provide services for free

What must a business do in order to make a profit?

• It has to provide a service to the community

• It has to provide a service to the community

• It has to sell a product for more than the cost to make it

• It has to supply more products than people demand.

Why did robin make a chart about softball bats?

• to give to the owner of the sporting goods store

• to prepare for her test on softball bats

• to help decide which one to buy

• to show here dad how to make charts

Profit is

• the amount of money a business brings in

• the income a business has left after all its cost are paid

• the money a business spends over a year

• the amount of a product that people want and can pay for

Mom buys a pair of shoes instead of a jacket. What is her opportunity cost?

• 2 CDs

• pair of shoes

• jacket

• socks

What can a store owner do if people are not buying a certain product?

• He might open a new store for the product.

• He might raise the price of the product.

• He might lower the price of the product.

• He might order more of the product.

What usually happens when the supply of a product goes up?

• The producers of that product make more of it.

• The price of that product goes down.

• The demand for that product make more of it.

• The price of the product also goes up.

Example of economic choice

• Robin chooses to eat chicken nuggets instead of a hamburger

• Robin chooses to eat lunch by her sister instead of her friend

• Robin chooses to buy a bat instead of 2 CDs.

• Robin chooses to play softball instead of baseball.

3 important columns to have on a budget

• wants, needs, supplies

• balls, bats, gloves,

• week 1, week 2, week 3

• income, spending, saving