WorksheetsLA Social Studies Unit 5 Topic 1
Total questions: 18
Worksheet time: 10mins
What is the meaning of a good?
physical items you can keep, eat, and use
mental items you can see
invisible items you cannot see
items you cannot purchase
What are THREE examples of a good?
food
clothing
going to the doctor
houses
meeting a teacher
What are THREE examples of a service?
car repairs
house painting
cars
houses
concerts
What is the meaning of a service?
to buy a physical item
activities people do for you for money or a fee
to purchase a car
to buy a house
What is the meaning of a need?
something you do not have to have
necessary things for survival
something that you want
going on a vacation
What is the meaning of a want?
necessary things for survival
things needed to survive a storm
things we would like to have, things to have fun
food to eat in a hurricane
What is the meaning of consumer?
someone who washes your car
customers-the people who pay for goods and services
someone who sells shirts
people or companies who create, or produce, goods and services
What is the meaning of producer?
someone who pays for a car wash
customers-the people who pay for goods and services
someone who buys shirts
people or companies who create, or produce, goods and services
What are TWO examples of a NEED?
an expensive car
nutritional food
a huge house
shelter
What are TWO examples of a WANT?
expensive shoes
nutritional food
a yacht
water
Choosing how to use __________ is the basis of an economy
goods and services
resources
needs and wants
scarcity
Limited resources can produce only limited amounts of
__________ and ___________.
goods and services
resources
needs and wants
scarcity
The unlimited _______and ________
of people must be balanced with the unlimited
resources of everyone on earth.
goods and services
resources
needs and wants
scarcity
How much of something a consumer wants to buy.
supply
demand
surplus
scarcity
The amount of goods available to be bought.
supply
demand
surplus
scarcity
There are not enough resources to meet the needs and wants of everyone.
supply
demand
surplus
scarcity
When there are less goods and services than needed.
supply
shortage
surplus
demand
When there are more goods and services than needed.
supply
shortage
surplus
demand
