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)
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1.All of the following are
natural resources except. A. water
B. trees C. gold D. steel
Show Answer
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Answer:D: Steel
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2. A farmer, a contractor, and a teacher are what kind of resources?
F. human G. capital H. natural
J. economic
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Answer:
F Human Resources
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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
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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
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Answer
C Veteran’s Day
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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
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Answer:
A: Memorial Day
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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
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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
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Answer:
A: Martin Luther King, Jr.
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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
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Answer:
C: Putting money in the bank
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A woman baking and selling cakes is a—
F buyer G consumer H trader J producer
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Answer:
J. producer
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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
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Answer
B must choose among the things they
want
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Doctors, mail carriers, and teachers all provide —
F products G services H ideas J goods
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Answers
G services
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George and Mac want to barter. What do they need?
A Something to trade B Money C Something to sell D Savings
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Answer:
A Something to trade
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Buyer: A person who uses money to
purchase goods or services
Seller: A person who sells goods or
services
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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