Social Studies Worksheet Unit 7

1. The amount of goods available is called ___________

a. Wants
b. Supply
c. Needs
d. Demand

2. What is the meaning of budgets ?

a. The amount of income a person uses to buy goods and services
b. Plan that shows income / earning, saving spending, and saving
c. The money a person earns from a job or other places
d. The amount of the income that is not spent

3. The things that people make or use to satisfy needs and wants are called ____________
a. Budget
b. Wants
c. Goods
d. Needs

4. A farmer has a supply of 10 apples, and people want to buy 5 apples only. From that
example, which one is called as supply ?
a. 10 apples
b. 15 apples
c. 5 apples
d. 20 apples

5. A farmer has a supply of 10 apples, and people want to buy 5 apples only. From that
example, which one is called as demand ?
a. 10 apples
b. 15 apples
c. 5 apples
d. 20 apples

6. What is the definition of spending ?

a. Something that a person must have to live.
b. The amount of the income that is not spent
c. The amount of income a person uses to buy goods and services.
d. All the money a person earns from a job or other places.
7. Robert is at a lemonade stand. He spends $15 to make one cup of lemonade. He then sells
the drink for $25 How much is his profit ?
a. $20
b. $10
c. $5
d. $15

8. Jason had 2 choices to buy, a new cellphone and a new laptop, after thinking about it he
chose to buy a new laptop rather than a new cell phone. Which of these examples is
called as opportunity cost?
a. Ipad
b. New laptop
c. New cell phone
d. Watch

9. Which one is the example of wants ?

a. Water
b. House
c. Ice cream
d. Clothes

10. Which one is the example of services ?

a. Clothes
b. Cleaning services
c. Cars
d. Goods

Earning Wants Spending Economic Choice Saving

Opportunity Cost Needs Profit Services Demand

11. _________________ is the amount of income a person uses to buy goods and services.
12. _________________ is all the money a person earns from a job or other place
13. _________________ are something that a person must have to live
14. _________________ is the amount of the income that is not spent
15. _________________ is the income a business has left after all its costs are paid
16. The amount of goods or services that customers want to buy is called ______________
17. _________________ are activities that satisfy people’s needs and wants
18. _________________ is the next best choice that is given up when a decision is made
19. _________________ is the choice of or decision among alternatives or possibilities
20. _________________ are things that a person would like to have but are not needed for
survival