Name:______

How Do People Work Together in a Community? Study Guide

  1. ______is when there is not enough of a product.
  2. The production of a certain kind of good or service is called ______.
  3. When Sophia exchanged $3.00 for a ticket to the Monster Plunge, this was an example of a (n) ______.
  4. The second choice in an economic decision is called a (n) ______.
  5. ______need to make a choice because they can’t have everything they want.
  6. Restaurants like McDonalds provide both a good and a (n) ______to its consumers.
  7. Rico has enough money to open a new ride at the amusement park. He has to choose between a rollercoaster or a Ferris wheel. In order to make an economic ______, Rico can list the good and bad features of both choices.
  8. An example of a consumer ______is when Sophia bought her ticket to ride the Monster Plunge.
  9. Money is mostly used for ______.
  10. If the teacher passes out lollipops to students in the class and a student gets a flavor he doesn’t like, then the student can ______it with another student.
  11. The second graders at Nowlin are going on a field trip. The class will be going to the theme park, Michigan Adventures. The new water slide and the Monster Plunge open in May. Everyone is very excited to ride it. The term that best describes the workers who built the slide at Michigan Adventures is a (n) ______.
  12. Jordyn has $3.00 for lunch. If she buys a ticket to the Monster Plunge instead of buying lunch, the opportunity cost of going to the Monster Plunge would be the ______that she could have bought with the money.
  13. Some ways that stores meet the economic wants of the consumers in the community is by providing:
  • Prescription refills/medicine
  • Milk
  • Personal hygiene products
  • Cards
  • Candy
  • Baby products
  • Toys

*Make sure to know at least four.

14. List at least three examples of people or businesses from an amusement park and identify the goods or services provided by those businesses.

People or Businesses / Goods or Services
Cashier (person) / Runs the gift shop (service)
Grocery Store (business) / Provides food for food stands (goods)
Mechanic (person) / Fixes broken rides (service)
Ticket Taker (person) / Takes tickets from vistors( service)

15.Usingthe word bank below, place the resources correctly in the table.

water / janitor / gift shop / ticket seller / trees / restaurant
A
Human Resource
A
Capital Resource
A
Natural Resource