Exam (elaborations)
SOCIAL STUDIES- CORE CONCEPTS PART 5 (TEST) QUESTIONS AND ANSWERS
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SOCIAL STUDIES- CORE CONCEPTS PART 5 (TEST) QUESTIONS AND ANSWERS
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SOCIAL STUDIES- CORE CONCEPTSPART 5 (TEST) QUESTIONS AND
ANSWERS
economicsc-cans✔✔thecstudycofchowcpeoplecmeetctheircwantscandcneeds
scarcityc-cans✔✔havingcaclimitedcquantitycofcresourcesctocmeetcunlimitedcwants
opportunityccostc-cans✔✔theccostcofcwhatcyouchavectocgivecup
demandc-cans✔✔thecdesirecforcaccertaincgoodcorcservice
supplyc-cans✔✔thecamountcofcacgoodcorcservicecthatciscavailablecforcuse
incentivec-cans✔✔factorcthatcencouragescpeoplectocactcincaccertaincway
producersc-cans✔✔peoplecorcbusinessescthatcmakecandcsellcproducts
consumersc-cans✔✔peoplecorcbusinessescthatcbuycorcconsumecproducts
marketc-
cans✔✔ancorganizedcwaycforcproducerscandcconsumersctoctradecgoodscandcservices
revenuec-cans✔✔thecmoneycearnedcbycsellingcgoodscandcservices
specializationc-cans✔✔thecactcofcconcentratingconcaclimitedcnumbercofcgoodscorcservices
competitionc-cans✔✔thecstrugglecamongcproducerscforcconsumer'scmoney
inflationc-cans✔✔generalcincreasecofcprices
recessionc-cans✔✔declinecinceconomiccgrowthcforc6corcmorecmonthscincacrow
marketceconomyc(givecancexample)c-
cans✔✔individualccustomerscandcproducerscmakececonomiccdecisionsc(acconsumercmake
scacpurchasecatcacgrocerycstore)
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