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WorksheetsSocial Studies Economics Review
Total questions: 23
Worksheet time: 2hrs 11mins
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
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.
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
Most people who want to buy a house do not have enough money saved to pay for it all at once.
How do most people buy a house?
donate money
spend more money
earn more money
get a loan
What could cause the supply of gasoline to go down?
people are staying home
more people are traveling
regular traffic patterns
traffic on the way to the mall
A_______is a plan that shows your income, expenses, donations, and saving. What is this called?
earn
budget
donate
savings
Who was Henry Ford?
Ford Motor Company and the assembly line
Microsoft
Wal-Mart and Sam's Club
Famous Amos Cookies
Who was Bill Gates?
Microsoft Products
Ford Motor Company
Hershey
Mary Kay
Beauty Products
Who was Sam Walton?
Wal-Mart and Sam's Club
Hershey
Famous Amos Cookies
Ford Motor Company
Who was Wallace "Wally" Amos?
Hershey
Famous Amos Cookies
Mary Kay Beauty Products
Microsoft Products
Who was Mary Kay Ash?
Hershey
Mary Kay Beauty Products
Red Cross
Ford Motor Company
When people work they recieve an
savings
income
expenses
donation
Income we don't spend right away is called
savings
spending
income
The United States does not have everything it needs. U.S. trades good with other countries. When we get goods from other places, we call this
services
goods
export
import
_____make or grow goods.
Producers
Consumers
______purchase good and services from producers.
producers
consumers
