soc. st economic review for benchmark 2

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Page 1: Soc. St Economic Review For Benchmark 2

Page 2: Soc. St Economic Review For Benchmark 2

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)

Page 3: Soc. St Economic Review For Benchmark 2

1.All of the following are

natural resources except. A. water

B. trees C. gold D. steel

Show Answer

Page 4: Soc. St Economic Review For Benchmark 2

Answer:D: Steel

Page 5: Soc. St Economic Review For Benchmark 2

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

F. human G. capital H. natural

J. economic

Page 6: Soc. St Economic Review For Benchmark 2

Answer:

F Human Resources

Page 7: Soc. St Economic Review For Benchmark 2

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

Page 8: Soc. St Economic Review For Benchmark 2

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

Page 9: Soc. St Economic Review For Benchmark 2

Answer

C Veteran’s Day

Page 10: Soc. St Economic Review For Benchmark 2

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

Page 11: Soc. St Economic Review For Benchmark 2

Answer:

A: Memorial Day

Page 12: Soc. St Economic Review For Benchmark 2

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

Page 13: Soc. St Economic Review For Benchmark 2

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

Page 14: Soc. St Economic Review For Benchmark 2

Answer:

A: Martin Luther King, Jr.

Page 15: Soc. St Economic Review For Benchmark 2

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

Page 16: Soc. St Economic Review For Benchmark 2

Answer:

C: Putting money in the bank

Page 17: Soc. St Economic Review For Benchmark 2

A woman baking and selling cakes is a—

F buyer G consumer H trader J producer

Page 18: Soc. St Economic Review For Benchmark 2

Answer:

J. producer

Page 19: Soc. St Economic Review For Benchmark 2

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

Page 20: Soc. St Economic Review For Benchmark 2

Answer

B must choose among the things they

want

Page 21: Soc. St Economic Review For Benchmark 2

Doctors, mail carriers, and teachers all provide —

F products G services H ideas J goods

Page 22: Soc. St Economic Review For Benchmark 2

Answers

G services

Page 23: Soc. St Economic Review For Benchmark 2

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

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

Page 24: Soc. St Economic Review For Benchmark 2

Answer:

A Something to trade

Page 25: Soc. St Economic Review For Benchmark 2

Buyer: A person who uses money to

purchase goods or services

Seller: A person who sells goods or

services

Page 26: Soc. St Economic Review For Benchmark 2

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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