Social Studies Chapter 11

What is economics?

• the study of animal life in a certain region

• a book telling about frontier life in Nevada

• the study of how people use money for goods and services

• how historians study an artifact for clues about a time period

A company can raise the price of an item if the supply is low and

• not many people want it.

• the item is scarce.

• the demand is high.

• the item is electronic.

Which of the following is NOT a resource producers need?

• capital.

• human.

• natural.

• interest.

___________ buy products from ___________, or sellers.

• Enterprise, wages

• Employees, supplies

• Business owners, profit

• Consumers, producers

Match the term with the meaning.

To barter is

• choosing not to buy an item in order to buy another.

• a business making a large profit.

• trading items without money.

• when a product has a limited supply.

Match the term with the meaning.

monopoly

• ranching or farming business

• not buying one thing save money for something else

• a plan to control spending money

• money earned

• total control of the market

Match the term with the meaning.

trade-off

• ranching or farming business

• not buying one thing save money for something else

• a plan to control spending money

• money earned

• total control of the market

Match the term with the meaning.

income

• ranching or farming business

• not buying one thing save money for something else

• a plan to control spending money

• money earned

• total control of the market

Match the term with the meaning.

budget

• ranching or farming business

• not buying one thing save money for something else

• a plan to control spending money

• money earned

• total control of the market

Match the term with the meaning.

agriculture

• ranching or farming business

• not buying one thing save money for something else

• a plan to control spending money

• money earned

• total control of the market