Economic Basics (Needs, Wants, Trade)
Fill in the Blank:_________ are things people need to survive.
NEEDS
Fill in the Blank: A _________ is someone who buys goods and services.
CONSUMER
Fill in the Blank: Sequoyah invented a _________ system to help the Cherokee write their language.
WRITING
Fill in the Blank: A _________ is something people need to survive. (Answer: Need)
NEED
True or False: Wants are things you must have to survive, while needs are simply things you would like to have.
FALSE
(1) True or False: Video games are an example of a need.
(2) What is the term for exchanging goods or services?
A) Selling
B) Buying
C) Trading
D) Collecting
(1) FALSE
(2) C. Trading
(1) True or False: A producer is someone who makes goods or provides services.
(2) Which is an example of a producer?
A) A teacher
B) A shopper
C) A person watching TV
D) A customer in a store
(1) TRUE
(2) A. A teacher
(1) TRUE OR FALSE: The Iroquois Confederacy was made up of six nations overall.
(2) What type of homes did the Iroquois live in?
A) Tipis
B) Wigwams
C) Longhouses
D) Cabins
(1) TRUE
(2) C. Longhouses
(1) True or False: An investment is when you use time or money to improve something.
(2) What is an example of a natural resource?
A) A school
B) Water
C) A truck
D) A computer
(1) TRUE
(2) B. Water
(1) What is an example of an opportunity cost?
A) Choosing to buy a book instead of a toy
B) Eating dinner
C) Playing outside with friends
D) Watching a movie (Answer: A)
(2) Fill in the Blank: A person who helps others without getting paid is called a _________.
(1) A. Choosing to buy a book instead of a toy
(2) VOLUNTEER
(1) Fill in the Blank: If you choose to buy a book instead of a toy, the toy is your _________ _____.
(2) What is an example of a natural resource?
A) A School
B) Water
C) Skyscraper
D) A Computer
(3) True or False: People trade to get goods they don't have.
(1) OPPORTUNITY COST
(2) B. Water
(3) TRUE
(1) Fill in the Blank: A _________ is a person who makes goods like clothes, food, or furniture.
(2) If a store sells clothes, who are the consumers?
A) The people making the clothes
B) The workers at the store
C) The customers buying the clothes
D) The delivery truck driver
(3) True or False: People can be both producers and consumers.
(1) PRODUCER
(2) C. The customers buying the clothes
(3) TRUE
(1) Fill in the Blank: The Iroquois used _________ to record agreements and history.
(2) Why did the Iroquois League form?
A) To protect their land
B) To unite their tribes and maintain peace
C) To build a trading empire
D) To fight against the Pilgrims
(3) True or False: American Indians depended on the environment for food, shelter, and clothing.
(1) WAMPUM
(2) B. To unite their tribes and maintain peace
(3) TRUE
(1) Fill in the Blank: A _________ is someone who buys goods and services.
(2) What is a capital resource?
A) A person who works
B) A natural material
C) A machine, tool, or building used to make goods
D) A customer
(3) True or False: A producer is someone who makes goods or provides services.
(1) CONSUMER
(2) C. A machine, tool, or building used to make goods
(3) TRUE
(1) How did the Iroquois adapt to their environment?
A) Built houses from bricks
B) Used rivers for fishing and travel
C) Lived in teepees
D) Moved to the desert
(2) True or False: Consumers are people who buy goods and services.
(3) Fill in the Blank: If a person makes and sells bread, they are a _________.
(1) B. Used rivers for fishing and travel
(2) TRUE
(3) PRODUCER
(1) Fill in the Blank: _________ are materials from nature used to make products.
(2) Why do businesses export goods?
A) To get money from other places
B) To keep them from local buyers
C) To throw them away
D) To store them
(3) True or False: Imports are goods sent out of a country.
(4) What is a producer?
A) Someone who buys things
B) Someone who makes goods or provides services
C) A person who imports goods
D) A business owner
(3) FALSE
(4) B. Someone who makes goods or provides services
(1) Fill in the Blank: A _________ is something a business needs to make goods or provide services.
(2) What is an example of a human resource?
A) A school
B) A farmer
C) A tractor
D) A book
(3) True or False: If you make lemonade and sell it, you are a producer.
(4) What is an example of a consumer?
A) A person buying groceries
B) A chef cooking food
C) A farmer planting crops
D) A baker making bread
(1) CAPITAL RESOURCE
(2) B. A farmer
(3) TRUE
(4) A. A person buying groceries
(1) How did American Indians adapt to their environment?
A) Built skyscrapers
B) Used rivers for fishing and transportation
C) Lived in castles
D) Used steam engines
(2) Fill in the Blank: The Three Sisters crops were _________, _________, and _________. (Answer: Corn, Beans, Squash)
(3) True or False: Native Americans only lived in one type of environment.
(4) What did American Indians trade with Europeans?
A) Gold
B) Beaver pelts
C) Coffee
D) Cotton
(1) B. Used rivers from fishing and transportation
(2) CORN, BEANS, SQUASH
(3) FALSE
(4) B. Beaver pelts
(1) Fill in the Blank: A _________ is something a business owns, like a machine, building, or tool.
(2) What is an example of a producer?
A) A teacher
B) A shopper
C) A person watching TV
D) A customer in a store
(3) True or False: People can be both producers and consumers.
(4) What is an example of a consumer?
A) A person buying groceries
B) A chef cooking food
C) A farmer planting crops
D) A baker making bread
(1) CAPITAL RESOURCE
(2) A. A teacher
(3) TRUE
(4) A. A person buying groceries
(1) Why did Native Americans trade with Europeans?
A) To share their land
B) To get goods they didn’t have, like metal tools and guns
C) To spread their religion
D) To fight against other tribes
(2) True or False: Native Americans only hunted for food and did not farm.
(3) The three main crops grown by Native Americans were _________, _________, and _________.
A) Corn, Beans, Squash
B) Soil, Wood, Iron
C) Wheat, Corn, Buffalo
D)Peanuts, Sunflowers, Squash
(4) What do businesses do with their profits?
A) Throw them away
B) Reinvest them or save them
C) Give them all to their employees
D) Use them to create new rules
(1) B. To get goods they didn't have, like metal tools and guns
(2) FALSE
(3) A. Corn, Beans, Squash
(4) B. Reinvest them or save them
(1) Fill in the Blank: A _________ is a person who helps others without being paid.
(2) True or False: An investment is when you use time or money to improve something.
(3) What is a capital resource?
A) A person who works
B) A natural material
C) A machine, tool, or building used to make goods
D) A customer
(4) Fill in the Blank: A _________ is something people want but don’t need to survive.
(5) Which is an example of an investment?
A) Buying a house
B) Watching TV
C) Playing video games
D) Eating dinner
(1) VOLUNTEER
(2) TRUE
(3) C. A customer
(4) WANT
(5) A. Buying a house
(1) Fill in the Blank: A _________ is something a business owns, like a machine, building, or tool.
(2) True or False: A store is an example of a capital resource.
(3) If a toy company makes toys, who are the producers?
A) The workers making the toys
B) The children playing with the toys
C) The stores selling the toys
D) The parents buying the toys
(4) Fill in the Blank: If you open a lemonade stand, you are both a _________ and a _________. (Answer: Producer, Business Owner)
(5) What happens if producers don’t have enough resources?
A) They make more products
B) They close their business
C) They sell everything for free
D) They find a new hobby (Answer: B)
(1) CAPITAL RESOURCE
(2) TRUE
(3) A. The workers making the toys
(4) PRODUCER, BUSINESS OWNER
(5) B. They close their business
(1) Fill in the Blank: A _________ is land set aside by the U.S. government for Native American tribes.
(2) True or False: Native Americans built different types of homes depending on their region.
(3) What was one major effect of European colonization on Native Americans?
A) Improved their way of life
B) Brought new diseases that killed many
C) Helped Native Americans gain land
D) Taught them to build houses
(4) Fill in the Blank: The Iroquois League influenced the idea of _________ government in the United States.
(5) What resource did Native Americans use to build longhouses?
A) Metal
B) Brick
C) Wood
D) Cloth
(1) RESERVATION
(2) TRUE
(3) B. Brought new diseases that killed many
(4) REPRESENTATIVE
(5) C. Wood
(1) Provide an example of both a producer and a consumer
(2) Fill in the Blank: People who work to make goods or provide services are _________ resources.
(3) What is the difference between export and import?
(4) Give 2 examples of human resources.
(5) True or False: Shopping locally means to shop at farther businesses
(1) Producers: farmers, bakers, car manufacturer, etc | Consumers: someone who buys bread from the store, someone buying cotton, someone buying a car
(2) HUMAN
(3) Export: A product sent to another country for sale. Import: A product brought into a country from another place.
(4) Teacher, firefighter, police officer, doctor, construction worker, etc
(5) FALSE
(1) Describe what a custom and a tradition are.
(2) How do Native American tribes govern themselves today?
A) They have no government and follow only U.S. laws.
B) They have their own governments but must follow U.S. federal laws.
C) They are completely independent from the United States.
D) They elect U.S. state governors to lead their tribes.
(3) What is supply and demand?
A) Supply is how much of a product is available, and demand is how much people want it.
B) Supply is what people buy, and demand is how much it costs.
C) Supply means products are expensive, and demand means people don’t want them.
D) Supply and demand have nothing to do with prices in a market.
(4) Fill in the Blank: _______ buy goods and services, which helps _______, the ones who provide them, to make money.
(5) Define investment and explain how someone can invest in their future.
(1) Custom – A way of doing things passed down over time. Tradition: A special practice passed down from generation to generation
(2) B. They have their own governments but must follow U.S. federal laws.
(3) A. Supply is how much of a product is available, and demand is how much people want it.
(4) Consumers, producers
(5) Investment means to use money/resources to make something better in the future. You can invest in your future by saving money, getting an education, or learning new skills.