4th 9 Weeks Social Studies Review

Many people earn money working at a job. Another way to earn money is by —

• buying new things at the store

• volunteering for a charity group

• keeping money in a savings account

• donating used items to a neighbor

Henry Ford is an American entrepreneur who started a company to produce —

• bicycles

• automobiles

• computers

• clothing

In which of these situations would the price probably go up?

• Many stores want to sell the same t-shirts.

• More bikes are for sale than there are bikes sold.

• More people want peaches than there are peaches available.

• More video games are for sale than there are games sold.

Which expense would the students baking cookies for a school bake sale most likely have?

• Wages for the workers

• Ingredients for the cookies

• Advertising costs

• Transportation fees

What will most likely happen to the price of groceries in the town if one grocery store closes?

• They will increase.

• They will decrease.

• They will stay the same.

• None of the above.

People in this sale are earning money by selling things. What are two other ways someone can earn money?

Which description is the BEST example of scarcity?

• A freeze ruined a farmer's crop.

• The newest car models are for sale.

• Water wells in a community have dried up.

• Flooding stopped construction in a subdivision.

A popular book arrived in stores this morning. The books sold so fast that many people did not get to buy one. More copies are going to arrive in a few days. If there are still not enough books what is likely to happen?

• The price of the books could go up.

• People will not want to buy the book.

• The cost to make the books could increase.

• More people will start reading e-books instead.

Which statement BEST describes what scarcity is?

• People buy more products than they need.

• People do not earn enough to meet their needs.

• People want more resources than there are available.

• People make more money than they need.

What is an example of profit?

• Buying a pair of shoes for $15.00 and selling them for $20.00

• Donating money to charity

• Providing a free service

• None of the above