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Explore essential economic concepts such as consumer behavior, pricing, and competition. Learn how to make economic decisions wisely and understand the impact of sales on businesses and consumers.
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Chapter 8 Study Guide by Mrs. Masters
Question - 1 1. During which week did you earn the most money?
Answer - 1 • week 1
Question - 2 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.