Social Studies Econ

Why do we have currency (money).

• To trade labor for goods and services.

• To get super rich.

• So we can trade currency (buy) for goods and services.

• So we can make stuff and provide services.

Joel and Tiffany went to the ice cream shop. Joel got a chocolate double scoop and Tiffany bought a vanilla single scoop cone. Ethan made the ice cones. Joel and Tiffany paid for their ice cream and drove off. Who provided the service.

• Joel and Tiffany

• Only Joel

• Only Ethan

• Ethan and Tiffany.

If you have a business, who would be a human resource in your business.

• Someone who shops at your store.

• Someone who works for you.

• Someone who bought something from you and returned it.

• Someone who tries to get you to by something.

When we think of human resources, what is an employee's role in a business?

• Labor

• Income

• land

• capital

Michael decides to open up a small mowing service. He takes his lawnmower around the neighbors and mows lawns for $30. Which best describes Michael?

• Michael is a capital resource.

• Michael is a natural resource.

• Michael is an entrepreneur.

• Michael is a competitor.

What type of resource is a tree?

• Human resouce

• natural resource

• entrepreneur

• capital good

Dairyn loaded her car up with vegetables to sell at the farmers market. What best describes Dairyn's car?

• a capital resource

• a natural resource

• a human resource

• a land resource

Which of the following is an entrepreneur?

• Ximena volunteered to teach the neighbor's kid.

• Jaydon baked some cookies for this sick neighbors.

• Jennifer helped her friend clean her house for free.

• Anthony started a small business washing cars.

Why do citizens have to pay taxes to the government?

• to buy gifts for the city mayor and his children

• to build parks for rich citizens ONLY

• to give money to important charities like the Red Cross

• to provide services and public goods for all citizens.

Why do we say entrepreneurs are risk takers.

• because they pay more taxes than other businesses

• because they take their money to buy land, labor and capital to start a new business

• because they might lose all the money they used to start the business

• because they will be successful at their new business