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Stockwell - 4th Grade > Social Studies - Test 3/5/14 > Flashcards

Social Studies - Test 3/5/14 Flashcards

1
Q

Definition:

the amount of goods available at a given time

A

supply

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2
Q

Definition:

how many people want the goods that are available

A

demand

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3
Q

If there is a lot of something available, the supply is ______.

A

If there is a lot of something available, the supply is high.

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4
Q

Definition:

not enough of something available for sale

A

scarcity

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5
Q

If many people want the goods available, there is _____ demand.

A

If many people want the goods available, there is high demand.

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6
Q

If there are not many people who want the goods available, there is _____ demand.

A

If there are not many people who want the goods available, there is low demand.

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7
Q

In April, many people wanted to buy eggs for Easter.

Was the demand for eggs higher or lower than normal?

A

higher

because a lot of people want to buy them

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8
Q

In June, six of Jim and Kate’s hens were sick and could not lay eggs.

Was the supply of eggs higher or lower than normal?

A

lower

because they did not have as many eggs because the hens were sick

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9
Q

In August, Jim and Kate bought ten more hens.

Did this cause the suply of eggs to go up or down?

A

up

because they have more eggs to sell

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10
Q

October was national pancake month. Because of this, many people stopped buying eggs.

Did this cause the demand to go up or down?

A

down

because people were buying pancakes instead of eggs

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11
Q

Definition:

the money people earn by working

A

income

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12
Q

The spent money is called ______.

A

The spent money is called expenses.

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13
Q

Trading instead of paying money to each other is _______.

A

Trading instead of paying money to each other is barter.

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14
Q

Definition:

the study of how people use and transfer resources

A

economics

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15
Q

Name the 3 kinds of resources studied in economics.

A
  1. natural resources
  2. human resources
  3. capital resources
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16
Q

Name the type of resources described below.

people who do the work

A

human resource

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17
Q

Name the type of resources described below.

the tools and equipment that the workers use

A

capital resources

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18
Q

Name the type of resources described below.

things that occur in nature

A

natural resources

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19
Q

Definition:

goods we get from other countries

A

imports

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20
Q

Definition:

goods sent to other countries

A

exports

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21
Q

Sometimes, natural resources are called _________.

A

Sometimes, natural resources are called raw materials.

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22
Q

From raw materials, people make _________.

A

From raw materials, people make finished products.

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23
Q

Name the type of resource listed below.

a forest

A

natural resource

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24
Q

Name the type of resource listed below.

a shoe store

A

capital resource

25
Q

Name the type of resource listed below.

a doctor

A

human resource

26
Q

Name the type of resource listed below.

iron ore

A

natural resource

27
Q

Name the type of resource listed below.

a steel mill

A

capital resource

28
Q

Name the type of resource listed below.

a river

A

natural resource

29
Q

Name the type of resource listed below.

a truck

A

capital resource

30
Q

Name the type of resource listed below.

a truck driver

A

human resource

31
Q

Definition:

jobs that people do to hlep other people

A

services

32
Q

Definition:

products that people make or grow

A

goods

33
Q

Does the worker below provide a good or service?

jewelry maker

A

good

34
Q

Does the worker below provide a good or service?

judge

A

service

35
Q

Does the worker below provide a good or service?

baker

A

good

36
Q

Does the worker below provide a good or service?

letter carrier

A

service

37
Q

Does the worker below provide a good or service?

fire fighter

A

service

38
Q

Does the worker below provide a good or service?

farmer

A

good

39
Q

Definition:

people or companies that make goods or provide services

A

producers

40
Q

Producers sell their goods and services to ______.

A

Producers sell their goods and services to consumers.

41
Q

Definition:

the way goods or services are made

A

production

42
Q

_______ sell goods and services.

A

Producers sell goods and services.

43
Q

________ buy goods and services.

A

Consumers buy goods and services.

44
Q

Production makes use of the three _______.

A

Production makes use of the three resources.

45
Q

Capital resources are the ______ the workers need.

A

Capital resources are the tools the workers need.

46
Q

The products made in production are called _____.

A

The products made in production are called outputs.

47
Q

The resources used in production are called ______.

A

The resources used in production are called inputs.

48
Q

World trade increases _______.

A

World trade increases interdependence.

49
Q

True or False

World trade is trade between different countries.

A

True

50
Q

True or False

Exports are made in another country and shipped to buyers here.

A

False

Exports are made in our country and shipped to another country.

51
Q

True or False

Imports are made in another country and shipped to buyers here.

A

True

52
Q

True or False

Interdependence means that people or countries depend on each other.

A

True

53
Q

Defintion:

a place where people buy and sell goods and services

A

market

54
Q

In any market, there must be ________.

A

In any market, there must be sellers and buyers.

55
Q

Definition:

people who take risks to start a business

A

entrepreneurs

56
Q

the opportunity you lose when you make a choice between two things

A

opportunity cost

57
Q

Different producers of the same good or service are in ________.

A

Different producers of the same good or service are in competition.

58
Q

An _______ is when you offer certain items to make consumers choose their product.

A

An incentive is when you offer certain items to make consumers choose their product.

Stockwell - 4th Grade (4 decks)

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