Social Studies Unit 5 Review

Finish the sentence: Sellers and buyers...

• are lemonade workers.

• import goods from other countries.

• depend on each other.

• export goods from other countries.

You are a

• producer

• consumer

• can be both

Consumers need producers to meet consumers' needs and wants.

• True

• False

What does it mean to be a consumer in a global economy?

• Consumer buy goods or services from other countries.

• Consumers sell goods or services to other countries.

• Consumers store money for other countries.

• Consumers buy goods or services only from their own country.

If you own a business, you should sell what you think consumers want or need.

• True

• False

How does the value of a log change when it is made into paper that is used to create a best-selling book?

• The value does not change.

• The value goes up.

• The value goes down.

Supply and demand is best described as

• how much of a service consumers need or want and what choices they make.

• how much of a good or service is available and how many consumers buy it.

• when producers use natural resources to supply things consumers want .

• how much money the government has supplied in the economy for people to use

Consumers use the resource of money to get things they need and want.

• True

• False

Price is connected to supply and demand by too much demand for the same amount of supply makes prices go up.

• True

• False

The United States does not import or export goods.

• True

• False