Social Studies Unit 5
Unit 5 study Guide
Terms
undefined, object
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- Budget
- a plan for using money
- capital resources
- things made by people that help workers make goods or provide services
- example of budget
- family budget showing the best way to use their money
- example of interest
- a savings account at a bank
- example of market
- flea market
- Example of competition
- Super Walmart and Super Target
- example of income
- paycheck from your job
- interview
- a meeting where one person asks another for facts or infromation
- assambly Line
- a team of spealized workers
- export
- to send goods or services to another country for trade or sale
- explain factory
- building where workers make goods
- oportunity cost
- the thing that people must give up in order to do what they want most
- Money and barter are alike/diff in what 2 ways
- alike:people get what they want and you are giving something for a good or service. different: money is easier to carry barter goods could be any size. know what money is worth barter must decide value of service
- example of industry
- toy makers are part of China's toy industry
- example of opportunity cost
- only have money for a book not a video game, you want the game, so you save money for the game. The book was the opportunity cost of the game
- competition
- the effort sellers make to attract buyers
- example of capital resources
- machines, roads, rools and buildings
- supply
- the amount that producers will make for a certain price
- example of a producer
- farmer who grows crops, banker lends money and a firefighter puts out fires
- 4 Main parts of a Flow Chart
- Title, Words, pictures and arrows
- consumer
- someone who buys goods
- Income
- Money people earn for work
- producer
- someone who makes and sells goods
- Human resources
- the skills, knowledge and hard work that people bring to their jobs
- 5 words for interview questions
- who, what, where, when, why and how
- example of a consumer
- getting a haircut from a barber or buying vegtables from a farmer
- example of human resources
- knowing how to use a computer or drive a school bus
- 3 reasons saving money is a good idea
- you can earn interest at a bank, get a better product with more money and the price might go down with time.
- scarcity
- a lack of goods or services
- industry
- all of the people and companies that sell simialar goods and services
- flow chart
- a diagram that shows how something is done
- factory
- a building where workers make goods
- interest
- the money a bank pays people for keeping their money there
- explain a assembly line
- a team of specialized workers that make a product by following steps.
- market
- a place where people buy and sell goods
- explain scarcity, with the words producers and consumers
- scarcity of a product takes place when producers who make goods and services cannot provide enough for the consumer