Wednesday

Tonight's homework is:

• Reading: Log
• Spelling: ABC Order
• Social Studies: Study for Test (study guide is below)

Economics Study Guide

Quiz:  Thursday, December 6^th

1.  Please be able to match the following words and definitions:

Wages	The money or earnings one receives for work
Profit	The extra money a business keeps after paying all of its costs
Scarcity	A condition when there are not as many goods available to satisfy consumers
Services	Work done for others that does not result in something you can touch or hold
Producer	Person who makes goods or provides services
Opportunity cost	When making a decision or choice, this is the next best selection one gives up in order to get something else
Goods	Things that are made by people or found in nature that people want for their own use
Consumer	Person who buys goods and services

2. Please be able to explain what you would do if supply was high and demand was low (In this case, I have a lot of something {supply} and nobody seems to want it.  If I want to get rid of it I could put it on sale and offer a lower price that was more appealing to customers.)

3. Please be able to explain what you would do if supply was low and demand was high.  (In this case I only have a few of something and everyone wants it {demand=desire}.  This time I could raise my price because people will be willing to pay more if the item is scarce and they really want it.)

4. Please be able to give one real-world example of an advertisement, a good, and a service.

5. Please be able to describe the process of mass production. (producing large quantities/amounts of the same product—typically used in an assembly line)