Social Studies Economics Review

Match the following

• Barter

• Trading without using money

• Specialization

• Making one kind of good or service

• Opportunity Cost

• The thing you give up when you buy

  something else

• Resource

• Depending on others to produce things

  that you need

• Interdepend-ence

• Anything used to produce goods

Match the following

• Scarcity

• To give money to a bank

• Currency

• A country’s system of money

• Deposit

• Not having enough of something

Which list shows only needs?

• nail polish, television, sweater

• sweater, water, apple

• shoes, shirt, necklace

• water, shirt, nail polish

When you go to the store and buy a bag of potato chips, you are a

• producer

• consumer

• natural resource

• human resource

Which is an example of bartering?

• Tim gave his cookie to Rita. Rita gave Tim an apple in exchange

• Lisa washed Mrs. Daniel’s car. Mrs. Daniel paid Lisa $5.

• Becky’s mother wrote a check for groceries at the grocery store.

• Mary gave Susan a present for her birthday.

Which item is not a service?

• haircut

• piano lessons

• car wash

• a pack of gum

In July, a store is running low on sunscreen. What is the supply and

demand for sunscreen?

• high demand and high supply

• high demand and low supply

• low demand and low supply

• low demand and high supply

In November, what will probably happen to the price of Halloween

costumes?

• The price will go up.

• The price will go down.

• The price will stay the same.

How does advertising affect the demand for a product?

• Advertising makes the demand go up.

• Advertising makes the demand go down.

• Advertising doesn’t change the demand for a product.

What happens when you borrow money from a bank?

• The bank pays you interest.

• You pay the bank interest.

• You make a deposit in the bank.

• The bank has to pay someone else interest.