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Economic Choices and Consumer Practices Study Guide

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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Economic Choices and Consumer Practices Study Guide

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  1. Chapter 8 Study Guide by Mrs. Masters

  2. Question - 1 1. During which week did you earn the most money?

  3. Answer - 1 • week 1

  4. 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?

  5. Answer - 2 • $1.00

  6. Question - 3 3. What is a word for a person or group who uses products?

  7. Answer - 3 • consumer

  8. Question – 4 • How do consumers depend on producers?

  9. Answer - 4 • Consumers need the goods that producers sell.

  10. Question - 5 • What part do banks play in our economy?

  11. Answer - 5 • Banks lend people money and are places to save money.

  12. Question – 6 • What is an economic choice?

  13. Answer - 6 • a decision to buy one thing instead of another

  14. 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?

  15. Answer - 7 • your opportunity cost

  16. Question – 8 • What usually happens when demand for a good or service increases?

  17. Answer - 8 • its price goes up

  18. Question - 9 • Suppose the same soccer ball is on sale in three stores in your town. How does competition such as this affect prices?

  19. Answer - 9 • Competition usually makes the price lower.

  20. Question - 10 • A shoe store in your town has a sale and the price of sneakers goes down. What will probably happen?

  21. Answer - 10 • More people will buy shoes.

  22. Question - 11 • How can having a sale help a bike store owner earn a profit?

  23. Answer - 11 • The store owner will sell more bikes.

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