This PowerPoint presentation contains 15 questions for Benchmark C of the Economics standard tested on the Grade 5 Social Studies Ohio Achievement Test. These questions cover the benchmarks for grades 3, 4, and 5. The grade, standard, and benchmark for each question is listed in the top right corner of each slide. An answer analysis for every question (visible only to the teacher) explains what knowledge students need to have to arrive at the correct answer. Use these slides to review a specific benchmark, or download additional slides to create a comprehensive review for the Grade 5 Social Studies Ohio Achievement Test. If you’d like to print the slides with analyses, choose “Notes Pages” from the “Print What” pull down menu on the Print Screen. Instructions

3.E.C What is one way a savings account can be used? A.to earn money for college B.to earn a job C.to earn customers D.to earn interest

3.E.C What might happen if an item is in high demand? A.There will be too much of the item to sell. B.There will not enough consumers. C.The price will decrease. D.The price will increase.

3.E.C In most industries, more than one company creates the same product. Each company works to earn part of market for their product. Some companies have more competition than others. Name two companies that compete in your community.

3.E.C Look at the picture below. Imagine this farm is your business. Explain the goods that you provide, how you would keep up with supply and demand, and what resources you need to keep the farm profitable

3.E.C Look at the picture below. The children in the picture are washing a dog to earn money. How could you increase your income?

4.E.C What allows workers in Ohio to buy other goods and services they want and need? A.taxes B.natural resources C.income D.productive resources

4.E.C What are places where buyers and sellers exchange goods and services in other countries? A.free enterprises B.foreign markets C.factories D.stores

4.E.C In the global economy, every country plays a role. Some countries specialize in specific products. Others have many natural resources. Explain why many countries depend on trade.

4.E.C Ohio has many natural resources but still purchases goods from other countries. Give an example of a product or resource from another country that is used in Ohio.

4.E.C During the Industrial Revolution, many workers had poor working conditions. They often worked 7 days a week for 12 hours a day. Many workers came together and formed groups called labor unions. Explain the role of a labor union and give one example of how labor unions changed the workplace.

5.E.C In the 1800s, what did the economy of the South depend on the most? A. industry B. tobacco C. tourists D. cotton

5.E.C What happens to the price of oil when the demand is low and the supply is high? A. The price goes down. B. The price goes up. C. The price does not change. D. The oil is given away for free.

5.E.C What is interdependence? A. when nations rely on the United States to meet needs and wants B. when nations rely on each other to meet needs and wants C.when nations refuse to trade D.when nations work independently

5.E.C Different areas of the country have different resources. Some areas are located near the water, so they rely on shipping and fishing. Other areas use open land for farming. Explain how a region’s resources affects the industries that develop there.

5.E.C Different areas of the country have different resources. Some areas are located near the water, so they rely on shipping and fishing. Other areas use open land for farming. Explain why incomes differ by region.