Economics Review

Kate needs school supplies, yet she wants to buy the latest Shopkins. She only has enough money to buy school supplies.
What should she do?

• Buy the Shopkins. Her teacher will understand.
• Buy the Shopkins. Ask someone else to buy her school supplies.
• Buy the school supplies. Start saving her money for the Shopkins.
• Buy only part of what she needs so she can spend the rest on Shopkins.

The making, buying and selling of goods and services

• economics
• inflation
• market
• barter

How much people want something

• supply
• demand

How much of something is available

• supply
• demand

When the demand of a product goes up, the price goes

• down

• up

• stays the same

• none of the above

Tags

CCSS.8.EE.B.5

Movie ticket prices increase. What happens to the demand?

• The demand goes up.
• The demand goes down.
• The demand stays the same.

The ___________________ of turkey at the grocery store increases during November because of Thanksgiving.

• barter

• opportunity cost

• supply

• economy

When the new video game came out, it was in high __________________ because everyone wanted it.

• supply

• demand

• resource

• enterprise

During the Great Depression, one out of every four workers lost their jobs. This is an example of ________________________.

• producers

• income

• supply

• scarcity

My friend and I decided that we wanted to trade our candy at lunch. This is called ______________________.

• bartering

• producing

• consuming

• supplies