SS Unit 5 Review

In which situation would the price probably go up?

• Stores have a large selection of clothes.

• Many stores want to sell the same shoes.

• There are more clothes to sale than there are sold.

• More people want avocados that there are avocados available.

Look at Jose's budget. How is Jose earning money?

• By creating a budget for himself

• By providing services for others

• By donating money

• By selling goods to other people

If a woman buys a purse for $20.00 and sells it for $25.00 she will-

• invest her earnings

• experience scarcity

• make a profit

• make a donation

When people work they earn money. Another way people can earn money is by -

• Donating to GoodWill

• Going shopping at the mall

• Becoming a volunteer for the American Red Cross

• Keeping money in a savings account so that it can earn interest

The newest iPhone 13 Max Pro arrived in stores this morning. The iPhone sold so fast that many people did not get to buy one. More iPhones are scheduled to arrive in a few days. If there are still not enough iPhones what is most likely to happen?

• The price of the iPhones could go up

• The store will make less profit

• People will not want to buy the iPhone

• The cost to make the iPhone could increase

Henry Ford started a company that produced -

• Televisions

• Phones

• Automobiles

• Computers

The demand for a product is low and people aren't interested in buying it. What will the seller most likely do?

• Raise the price

• Donate the products to charity

• Lower the price

• Buy more products to sell

Which expense would students selling Frito Pie after school most likely have?

• Wages for the students selling the Frito Pie

• Commercial Ads on TV

• Renting a space to sell at the school

• Ingredients to make the Frito Pie

The cost of meat to make burgers has increased. Mc Donald's does not want to raise prices. What will most likely happen to the company?

• Its profits will increase

• Its profits will remain the same

• Its profits will decrease

• The company will reduce their prices

Which of the following events may cause scarcity?

• New oil has been discovered in the Pacific Ocean

• More people are able to work

• A winter storm caused many avocado crops to freeze

• A store is going to have a huge sale