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Chapter 8 Study Guide

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.

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Chapter 8 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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