SS Economics Daily Grade 1

Front

Which of the following are true about supply and demand?
Options:
If demand is greater than supply, then prices are lower.
If supply is greater than demand, then prices are lower.
If supply is equal to the demand, then prices are higher.
If supply is greater than demand, then prices are higher.

Back

If supply is greater than demand, then prices are lower.

Front

Why do local, state, and federal governments collect taxes?

Back

To provide services to citizens

Front

Which of the following is the BEST completes the graphic? Consumers pay taxes to producers. Consumers loan money to producers. Consumers make goods for producers. Consumers buy the goods of producers.

Back

Consumers buy the goods of producers.

Front

Food in restaurants like Chick-fil-A and McDonald’s are allocated, or distributed, using _________.

Back

price

Front

Which of the following BEST completes the boxes?
Options:
Miguel saves money; Julio spends money.
Karen makes slime; Carly buys the slime.
Mike buys the Xbox 360; Diego makes the Xbox 360.
Jamal earns an allowance; Larry works for his income.

Back

Karen makes slime; Carly buys the slime.

Front

Evan is selling lemonade at his lemonade stand. Around lunchtime, a large line forms at his stand. What should Evan do to the price of his lemonade?

Back

Increase the price of the lemonade

Front

What are the baseball hat and the skateboard?

Back

They are goods.

Front

Why do countries create currency?

Back

so people can buy goods and services.

Front

Why is it important that goods are made all over the world?

Back

It gives people access to goods that their community does not make.

Front

Who is MOST LIKELY paid with money collected through taxes? Options: barbers, waitresses, cooks; reporters, farmers, painters; builders, mechanics, truckers; teachers, firefighters, mayors

Back

teachers, firefighters, mayors