Consumers & Prices
This is what happens when a new toy becomes very popular: more people want it, but the store has only a few left. What usually happens to the toy's price?
Prices usually rise when demand is higher than supply (the toy becomes more expensive).
When you mow a neighbor’s lawn and they pay you, what are you earning called?
Income, earnings, or wage.
A simple plan for how you will spend and save your money is called a what?
A budget.
Which inventor among the four is known for early work in flight?
The Wright brothers.
Name two things that can change how much of a product people buy.
Price changes, changes in consumer tastes (popularity), income changes, availability (supply), advertising, or competition.
Why do most people go to work for businesses? Give one clear reason
To earn money to buy goods and services, support themselves or family, or to gain experience/skills. (Accept one reason.)
If a student spends all their weekly allowance on snacks the first day, what budget problem might they face the rest of the week?
They may run out of money and won’t have funds for needed items later that week (can’t “make ends meet”).
Who developed important improvements in telephone technology and communication?
Alexander Graham Bell.
Explain how competition between two stores selling similar sneakers can affect the price.
Competition can cause stores to lower prices to attract buyers or offer better deals (sales), which can make the sneakers cheaper or add extra benefits (like free shipping).
Name two kinds of jobs where people earn money by selling their labor
teacher, cashier, grocery clerk, landscaper, nurse, mechanic, delivery driver, cashier, babysitter, etc.
List three things a basic personal budget should include.
Income (money you get), expenses (things you must pay for), savings (money set aside), and optionally goals (what you’re saving for).
Name the inventor famous for many inventions and developing electricity-related technologies and labs.
Thomas Edison.
If a brand-new phone is expensive at first but gets cheaper over time, which economic idea explains this change? Explain in one sentence.
The idea is supply and demand: high initial demand and limited supply raise price; over time supply increases or demand falls and price drops. (Accept: "supply and demand" or a one-sentence explanation.)
Describe in one sentence how education or training can affect how much income a person can earn.
More education or training can qualify a person for higher-paying jobs or specialized work, which usually increases income.
Explain how unexpected events (like a pet getting sick) show why having savings in a budget is important.
Unexpected events use money you didn’t plan for; savings let you pay for those events without borrowing or skipping important expenses.
George Washington Carver is known for his work in science. Give one way his work impacted American farming or daily life (one sentence).
“Carver developed new farming techniques and crop rotations and promoted peanuts and sweet potatoes, which helped farmers improve soil and find new products to sell.” (One-sentence impact.)
Give a short example (one or two sentences) that shows how a consumer might change behavior when prices rise for something they buy often.
“If the price of my favorite cereal goes up, I might buy a cheaper brand or buy it less often.” (Any clear example of substituting or buying less is acceptable.)
A person can earn money in different ways. Compare selling labor (a job) and earning income from owning a business or renting property in one sentence.
Selling labor: you are paid for your time and work (wage or salary). Earning from owning a business or renting property: income comes from profits or rent without selling daily labor. (Accept clear comparison.)
A student wants a $120 video game but gets $30 per week allowance. Write a two-step plan (with weeks and saving or cutting spending) showing how they can “make ends meet” to buy it.
Example plan: Save $30 each week. After 4 weeks you will have $120 and can buy the game; or save $20 per week and cut $10 of snack spending for 6 weeks. (Any reasonable, clear two-step plan showing weeks and amounts is acceptable.)
Choose one of the four inventors (Wright brothers, Alexander Graham Bell, Thomas Edison, or George Washington Carver). In two or three sentences explain how that person’s work changed American life.