Social Studies Ch. 2 Review

Match the words to its meaning

• items you can see

• Services

• things made near where they are sold

• Local

• work that people do

• Produce

• user of goods and services

• Consumer

• makers of goods

• Goods

What is a trade-off?

• To pay money to get something

• To ask for a cheaper price on goods

• You give something to get something

• You give up something to get something

When goods are brought in from another country, it is called ________________ goods

• imported

• exported

• local

• consumer

What is human capital?

• Your skills, knowledge, and experiences

• Money invested

• Buildings and machines

• Resources from nature

What is an example of a natural resource?

• pine tree

• solar panel

• water heater

• engineer

To export goods means to

• buy items made near where they are sold

• bring in goods from another country

• send goods out to different countries

• make goods

What is the main difference between wants and needs?

• Wants are cheaper than needs

• Wants are long term goals

• Needs are optional

• Needs are required to survive

What does it mean to "invest"?

• To spend money on immediate wants

• To put money into a savings account

• To purchase goods and services

• To spend now in hopes of future reward

What is an example of investing?

• Spending money on vacation

• Putting money into a savings account

• Buying a new pair of shoes

• Buying a piece of artwork

Which of the following is an example of a want, not a need?​ (a)   ​ (b)  

• sports car
• vacation to Paris
• Clean drinking water
• shelter