Unit 7 Social Studies

All 24 kids in Mr. Hall’s class want to color with the markers, but there are only 3 markers. This is an example --

• profit

• scarcity

• free market

• donation

Henry Ford sold more cars at a lower price by doing what?

• using cheaper materials

• making smaller cars

• using an assembly line

• paying his employees less

Ms. Marcel's class is having a bake sale, and very few people are buying cupcakes.  Which is the best way for the class to sell more cupcakes?

• raise the price

• lower the price

• make more cupcakes

• eat the extra cupcakes

Tamika’s parents have created a budget for the year. They use their money for different purposes.  They want to earn money now. Which answers below are a way of earning money? Pick TWO. 

• have a yard sale

• give to American Cancer Society

• receive a paycheck

• put money in bank for car purchase

Tamika’s parents have created a budget for the year. They use their money for different purposes.  They want to save money now. Which answers below are a way of saving money? Pick TWO.

• pay rent

• put money aside for vacation

• put money in bank for a car purchase

• pay cell phone bill

Tamika’s parents have created a budget for the year. They use their money for different purposes.  They want to spend money now. Which answers below are a way of spending money? Pick TWO.

• have a yard sale

• pay rent

• make a contribution to Minnie's Pantry

• pay cell phone bill

Tamika’s parents have created a budget for the year. They use their money for different purposes.  They want to donate money now. Which answers below are a way of donating money? Pick TWO. 

• give to the American Cancer Society

• make a contribution to Minnie's Pantry

• put money in the bank for a car purchase

• have yard sale

This question has two parts. Use the information provided to answer the following questions. The scenario above describes which relationship?

• decrease in demand, increase in supply

• decrease in price, increase in supply

• increase in demand, decrease in supply

• decrease in price, decrease in supply

What effect might the above scenario have on the price of the shoes?

• decrease in demand, increase in price

• decrease in demand, decrease in supply

• increase in demand, decrease in price

• increase in demand, increase in price