Social Studies Economics Review

Suppose freezing temperatures destroyed many orange trees in Florida.

What would most likely happen to the supply of orange juice?

• The stores won't sell oranges anymore.

• Supply will increase and the prince will increase

• Supply and price remain the same

• Supply will decrease and the price will increase

A_____are things that people make or grow and then sell are called

• goods
• services

Kylah made a chart to record her income and expenses.

What is her income?

• $55

• $48

• $103

• $30

How much were her expenses?

• $103

• $55

• $48

• $13

Kylah earned $55 and spent $48 in her budget.

Is her budget balanced?

• No, she spent more money than she earned.

• Yes, she earned more money than she spent.

Suppose strawberries are in short supply because the cold weather shortened the growing season.

As a result, strawberry ice cream would most like have a _____than other ice cream flavors at your grocery store.

• lower price

• more ice cream

• higher price

A pet store buys dog food and cat food from a maker of cat food. The pet store is a______ of pet food.

• consumer
• producer

• scarcity

• opportunity cost

A_____are things that people make or grow and then sell are called

• services

• goods

What type of economic system do consumers and private business control their supply and demand of goods and services?

• Dictator

• Kings and Queen

• Free Enterprise System

You clean your neighbor's garage and in exchange your neighbor cuts your lawn. This is an example of-

• being a good neighbor

• trade

• barter

• import