Chapter 8 Study Guide
by
Mrs. Masters
Question - 1
Week
Earning
Spending
Saving
week 1
week 2
week 3
week 4
Total
$20.00
$14.00
$10.00
$10.00
$54.00
$5.00
$3.00
$5.00
$2.00
$15.00
$5.00
$11.00
$5.00
$8.00
$29.00
1. During which week did you earn the most money?
Answer - 1
week 1
Question - 2
Week
Earning
Spending
Saving
week 1
week 2
week 3
week 4
Total
$20.00
$14.00
$10.00
$10.00
$54.00
$5.00
$3.00
$5.00
$2.00
$15.00
$15.00
$11.00
$5.00
$8.00
$39.00
2. Suppose you want to buy a basketball that costs $40.00.
How much more money will you have to save to buy the
basketball?
Answer - 2
$1.00
Question - 3
3. What is a word for a person or group who uses
products?
Answer - 3
consumer
Question – 4
How do consumers depend on producers?
Answer - 4
Consumers need the goods that producers
sell.
Question - 5
What part do banks play in our economy?
Answer - 5
Banks lend people money and are places
to save money.
Question – 6
What is an economic choice?
Answer - 6
a decision to buy one thing instead of
another
Question – 7
You were thinking about buying either a
new CD or a goldfish with a fishbowl. You
decided to buy the fish. What do you call
the CD?
Answer - 7
your opportunity cost
Question – 8
What usually happens when demand for a
good or service increases?
Answer - 8
its price goes up
Question - 9
Suppose the same soccer ball is on sale in
three stores in your town. How does
competition such as this affect prices?
Answer - 9
Competition usually makes the price lower.
Question - 10
A shoe store in your town has a sale and
the price of sneakers goes down. What will
probably happen?
Answer - 10
More people will buy shoes.
Question - 11
How can having a sale help a bike store
owner earn a profit?
Answer - 11
The store owner will sell more bikes.