soc. st economic review for benchmark 2

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What  happens  when  people  cannot  have  everything  they  want?

   When  people  cannot  have  all  the  goods

 and  services  they  want,  they  must  choose  some  things  and  give  up  others.  (SOL  1.8)  

 

1.All of the following are

natural resources except. A. water

B. trees C. gold D. steel

Show Answer

Answer:D: Steel

2. A farmer, a contractor, and a teacher are what kind of resources?

F. human G. capital H. natural

J. economic

Answer:

F Human Resources

  Study Guide

GOODS,  SERVICES,  BUYERS,  SELLERS,  PRODUCERS  

SOL   1.7  Goods  and  services  satisfy  people’s  needs  and  wants.  People  are  both  buyers  and  sellers  of  

goods  and  services.  

  Goods:  Things  people  make  or  use  to  satisfy  needs   and  wants   Services:   

Activities  that  satisfy  people’s  needs  and  wants    

3.Which day in November is a day for

the recognition of and respect for Americans who served in the

military?

A Thanksgiving Day B Presidents’ Day C Veterans Day D Independence Day

Answer

C Veteran’s Day

4.Which day in May is a day for the recognition of and respect for Americans who died in wars while they were serving in the military?

A Memorial Day B Independence Day C Presidents’ Day DFlag Day

Answer:

A: Memorial Day

Study Guide

How  are  people  both  buyers  and  sellers?   People  are  buyers  when  they  use  money  to  purchase  goods  or  services.    People  are  sellers  when  they  receive  money  for  their  work  or  for  goods  or  services  they  provide

5.Which person below became a leader and helped create equal rights for all people? A Martin Luther King, Jr. B Juan Ponce de Léon C Christopher Newport D George Washington

Answer:

A: Martin Luther King, Jr.

Which is an example of a person saving for the future?

A Getting money from a bank B Buying food for the week C Putting money in the bank D Getting new toys at the store

Answer:

C: Putting money in the bank

A woman baking and selling cakes is a—

F buyer G consumer H trader J producer

Answer:

J. producer

Because resources are limited, MOST people —

A always get everything they want B must choose among the things they want C will trade to get everything they want D produce the goods they want

Answer

B must choose among the things they

want

Doctors, mail carriers, and teachers all provide —

F products G services H ideas J goods

Answers

G services

George and Mac want to barter. What do they need?

A Something to trade B Money C Something to sell D Savings

Answer:

A Something to trade

Buyer:    A  person  who  uses  money  to

 purchase  goods  or  services

  Seller:   A  person  who  sells  goods  or

 services

SOL  2.9        People  are  both  producers  and  consumers.  

  Consumer:    A  person  who  uses  goods  and  services  

Producer:    A  person  who  uses  resources  to  make

 goods  and/or  provide  services

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