WorksheetsSS Weeks 27 & 28
Total questions: 14
Worksheet time: 7mins
Name
Class
Date
1.
1. ___________________ occurs when communities and businesses focus on making one product or service to sell.
a)
Specialization
b)
Interdependence
c)
Trade
d)
Export
2.
2. Which of the following is an example of specialization? ** CHOOSE THE TWO CORRECT ANSWERS.
a)
A store makes many different types of clothing.
b)
A bakery makes 10 different types of baked goods.
c)
A market sells only grain.
d)
A store sells fruits, vegetables, and grains.
e)
A farmer sells only soybeans.
3.
3. TRUE OR FALSE: The United States has a free enterprise system.
a)
True
b)
False
4.
4. What is an example of interdependence?
a)
A craftsman only makes wooden dolls.
b)
A country collects taxes to build new schools.
c)
A business buys flour to make and sell donuts.
d)
A person makes or grows everything they need.
5.
5. _____________ are goods that are brought in from another country.
a)
Services
b)
Imports
c)
Exports
d)
Businesses
6.
6. _______________ are goods that are sent out of a country to be sold.
a)
Services
b)
Imports
c)
Exports
d)
Businesses
7.
8. TRUE OR FALSE: Trade occurs when a person gives a good to another person, and does not receive anything in return.
a)
True
b)
False
8.
9. ______________ is anything a person or business owns.
a)
An import
b)
An export
c)
A business
d)
Private Property
9.
10. ___________________ is an example of private property. **FILL IN THE BLANK
4 lines
10.
11. The price of a good or service depends on _________ and _________. **FILL IN THE BLANK.**
4 lines
11.
12. When the supply is low and the demand is high, the price _____________.
a)
Goes up
b)
Goes down
c)
Stays the same
12.
14. If there is a surplus of a good or service, what happens to the price?
a)
The price goes up.
b)
The price goes down.
c)
The price stays the same.
13.
15. True or False: Demand is how much of a good or service there is for people to buy.
a)
True
b)
False
14.
16. Maverick can buy a book or popcorn. What is the opportunity cost if Maverick only buys the book?
a)
The book
b)
The popcorn
c)
The price of the book
d)
The difference in cost
100 %
