1. Chapter 8 Study Guide by
Mrs. Masters

2. Question - 1 Week Earning Spending Saving week 1 $20.00 $5.00 week 2
$14.00
$3.00
$11.00
week 3
$10.00
week 4
$2.00
$8.00
Total
$54.00
$15.00
$29.00
1. During which week did you earn the most money?

3. Answer - 1
week 1

4. Question - 2 Week Earning Spending Saving week 1 $20.00 $5.00 $15.00
$14.00
$3.00
$11.00
week 3
$10.00
week 4
$2.00
$8.00
Total
$54.00
$39.00
2. Suppose you want to buy a basketball that costs $ 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.