Worksheets3rd History ch. 9
Total questions: 18
Worksheet time: 23mins
Which is one way to earn money?
walk your neighbor's dog
buy a new softball bat
save money in a bank
use coupons
Which three columns are important to have on a budget?
wants, needs, supplies
income, spending, saving
week 1, week 2, week 3
income, deficit, surplus
What is a need?
something you like but can live without
a plan for how you'll save money
a plan for income, spending, and saving
something a person can't live without
Which is an example of a want?
softball bat
fresh water
food
a place to live
Which is an example of an economic choice
Robin chooses to buy a softball bat instead of a video game
Robin chooses to sit by her sister at lunch instead of her friends
Robin uses coupons
Robin chooses to buy a cheeseburger instead of chicken nuggets
Suppose that your mother bought a pair of shoes instead of a jacket. What is her opportunity cost?
the pair of shoes
a pair of socks
losing the money
the jacket
What usually happens when the supply of a product goes up?
the price also goes up
the demand goes up
they make more of that product
the price goes down
What would a store owner do if a product wasn't selling well?
the store owner might open a new store for that product
the store owner will raise the price
the store owner will lower the price
the store owner will order more of the product
What is a profit?
the money a business spends in a year
the income a business has left after all its costs are paid
the amount of a product that people can pay for
the amount of money a business brings in
What does a business need to do to make a profit?
it has to spend more money then it saves
it has to supply more products for people to demand
it has to provide a service
it has to make more money than it spends
What is one thing a business can do to make a profit
sell goods at a lower price
provide services for free
increase the supply of goods
sell goods at a higher price
What shape is the supply and demand graph?
X
Y
upside down
Equal sign
Why is the supply and demand graph an X?
Suppose you want to buy a new keyboard, but you need to save up for it. Describe, in order of what would happen, the events involved in creating and using a budget in order to save for the keyboard
Think about the last time your family went to the grocery store. What did your family buy? Which items were needs and which were wants?
Suppose the principal has $5,000 to spend. She can buy new computers, new books for the library, or new playground equipment. What should she buy and why?
Suppose you earned $25 for walking your neighbor's dog. Will you spend the money or save it? If you spend some of it, what will you buy? What steps will you take in deciding what to do with your money? Write the steps in the order in which they will happen
Suppose a store in your neighborhood only sells soccer equipment. What might happen to the store if community interest in soccer decreases? Why? What can the store owner do to solve this problem?
