Economics Review

Justin's mom puts most of her income in the bank. Which BEST describes Justin's mom?

• Saver

• Spender

Why would someone choose to save their money?

• They can buy something bigger later.

• They can buy something now.

• They can enjoy candy.

Which of these is a service that people can sell to others?

• Shampoo

• Scissors

• Washing cars

Which of these is a good that people could buy?

• Dentist

• Shampoo

• Teacher

What is something people need to live?

• Candy

• Television

• Food

Why do people work?

• To earn money

• To sleep

• To go home

Greg has decided that he wants to buy a new bike that costs $125, and he only has $75. What should Greg do?

• Buy the new bike

• Save his money, because he doesn't have enough

What is an income?

• Money a person spends on goods and services

• Money a person gives to the bank

• Money a person makes at a job

In the month of December, sunscreen goes on sale for 50% off the price it sells for in July. What is the supply and demand for sunscreen?

• High Demand and Low Supply

• Low Demand and High Supply

Jan is going to a birthday party on Friday for her friend. She has $15 and has not bought her friend a gift yet. What should Jan do?

• Buy her friend a birthday present that cost less than $15

• Save her money and not buy a birthday present for her friend