George goes to the store and purchases gum, pencils, and erasers with his allowance. What is George doing - earning, spending, or saving?
spending
100
Danny spends $6 to prepare his lemonade stand. He earns $12 while running the lemonade stand. How much profit did Danny make?
$6
100
Name two ways you are able to earn money?
chores, working in a store, selling belongings
100
The girl scouts sold 50 boxes of Thin Mints, but can't find a way to transport them to the consumers. Which type of scarcity are they experiencing - scarcity in production, scarcity in distribution, or scarcityin consumption?
scarcity in distribution
100
_____________ is when a producer passes out goods to consumers.
Distribution
200
Tommy makes lemonade to sell to his neighbors. What is Tommy doing - earning, spending, consuming?
earning
200
What is the difference between a good and a service?
A good is made or grown. A service is a job one person does for another.
200
If Ally earned $24 and spent $10, how much was she able to save this month?
$14
200
There is only one veterinarian in Prosper. A new doctor moves to town. The first Veterinarian lowers her prices. Why?
The number of Vets went up, so there are more people providing the service. This will lower the demand for the first doctor.
200
What services can a community provide for people who have little money to spend on food, shelter, and clothing?
Set up agencies where goods can be donated or set up shelters.
300
A family spends money each month to have the internet. Is this an example of goods, services, or profits?
service
300
What is an example of a producer?
farmer, Ford, Dr. Pepper
300
What does it mean to budget money?
determine how much income you earn, how much you will have to spend on goods and services, and how much you will save
300
Mrs. Hugel made paintings of flowers. It seemed that no one wanted them. She still has all of them. Since the demand is low, what should she do with the price?
lower the price
300
A scooter company has designed a new model. They are having difficulty finding someone that will send out the product to the people who are ordering it. What type of scarcity is the company experiencing?
Scarcity of distribution
400
What are 3 examples of expenses you might have when running a lemonade stand?
lemons, sugar, cups, pitcher, lemonade mix, spoon
400
Provide at least one example of someone acting as a consumer.
purchasing lunch in the cafeteria
400
It costs Georgia $5 to make lollipops. She sells all of them and makes a total of $10. Is this an example of losing money or making a profit?
Making a profit
400
More people want peaches than there are peaches available. The price of peaches will most likely go up or down?
up
400
If a product is in high demand, what might happen to the supply?
The supply may become scarce.
500
David wants to buy a brand new game for the X-Box, but they are all sold out. What is scarce in this example - stores, X-Boxes, the X-Box game
the game
500
How does a person save?
taking some of income that is earned and NOT spending it
500
In order to cover the cost of Jamie's needs, she works 40 hours a week. Is this an example of producing, earning, or saving?
earning
500
Tina is selling popsicles in December. Why would she have difficulty selling them? How could she get more people to buy them?
- Popsicles are not in high demand during the winter.
- She could lower the price.
500
True or False: A producer is a person who buys a product.