SS Chapter 1 Lesson 4

What is the best evidence of a healthy economy?

• an economy in which businesses are closing

• an economy in which people have a scarcity of goods.

• an economy in which many people are employed

​ People spend money on needs and wants. Check the TWO choices that are an example of NEEDS.

• nice cars

• Food

• Shelter

• i-phone

When there are not enough goods and services to meet consumer demand

Income is how much money you received. Which in an example of income?

• debt

• allowance

• savings

Countries around the world trade with each other to get the products they need. Which of the following is an example of an EXPORT the United States trades to other countries?

• coffee

• wheat

The government uses ________________ to purchase the goods and services it needs to run the country.

The United States Mint produces coins. If you saw a P on a coin, what does it likely mean?

• The coin is a penny.

• The coin was designed by a person whose name begins with P.

• The coin was minted in Philadelphia, Pennsylvania.

Which is a way that the economy can affect people who are helping their community?

• When the economy does well, people are more likely to have money to donate to a cause.

• Since volunteers do not get paid, they do not contribute to society.

• It may be difficult to raise money for a charity if the economy is thriving.

true or false:

1Products in high demand and low supply will have a higher price than those with high supply and low demand.

What is the name of a system used to distribute resources to meet people's wants and needs?

• consumer

• economy

• demand

• supply