Chapter 2 Working to Meet Our Needs

Match each meaning to the correct term

• save

• to keep your money to use later

• borrow

• money that someone borrows

• borrow

• to use something now and pay it back later

• loan

• to use something now and pay it back later

• savings

• money that you do not spend right away

What picture shows a need?

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          If you do not have any of these things, and you only have enough money for one, which is the BEST choice?

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Use the chart to answer the following question. Look at the chart. If you choose the trip to the park, what is the opportunity cost?

• You can ride your bike.

• You can play outside.

• You can share the game with friends.

• You can spend $0.

Look at the chart. Which would be a benefit if you buy the game?

• You can play outside.

• You can ride your bike.

• You can use the game for a long time.

• You spend $10 on the game.

Someone who makes or grows the goods that consumers want is ________.

• an income

• a service worker

• a producer

• a resource

Look at the flow chart. What happens in the third step?

• The woman makes lemonade.

• The woman sells the lemonade to a consumer.

• The woman picks lemons.

• The woman drinks the lemonade.

Tim has a blue hat. Matt has a red hat. Matt wants a blue hat. Tim wants a red hat. They don’t have any money. What should Matt and Tim do?

• produce hats

• barter hats

• buy more hats

• sell their hats

How does the United States get goods that it does not produce?

• It sells goods to other countries.

• It trades goods with other countries.

• It borrows money from other countries.

• It lends money to other countries.

Corn grows well in Nebraska but not in Maine. Blueberries grow well in Maine but not in Nebraska. What is a way that consumers in Maine can get corn?

• Nebraska can trade blueberries for corn from Iowa.

• Maine can trade blueberries for corn from Nebraska.

• Maine can trade apples with Nebraska.

• Nebraska can trade blueberries for corn from California.