Socials Studies Unit 7 Review

Scarcity means:

• Too much of something you wanted

• The exact amount of something you wanted

• Not enough of something you wanted

Which of the following could cause a scarcity of goods at the store?

• A storm that causes shipping delays

• high prices on items

• Covid-19

• quick deliveries

Long ago, American Indians and European explorers had to ______ to get the things they need.

• go shopping

• order online

• barter

• use money

If you have to charge MORE for the lemonade you are selling, what will most likely happen to the demand?

• The demand will increase

• The demand will decrease

• The demand will stay the same

Air, shelter, and food are all examples of ______________

• needs

• wants

What is a want?

• A person
• Something you would like to have but don't need to live
• Purple
• Something you need to live

Your dad buys the family a brand new swimming pool.

• need

• want

Your grandma takes your little brother to the eye doctor. She has to buy him a new pair of glasses.

• need

• want

Who decides what is sold in stores in the United States?

• customers

• The business owners

• kids

• The president

Why is it a good idea to keep your money in a bank?

• it earns interest

• it is kept safe

• helps you spend your money

• helps you save your money