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1) Choose the best answer.

Usually the price of an item is set by ________ and demand.

stock

date

supply

time



2) Choose the best answer.

What often happens to a price if demand increases?

The price decreases.

The price stays the same.

The price increases.



3) Choose the best answer.

How _____ people think a product is affects is price.

valuable

bendable

big



4) Choose the best answer.

Who wrote, "A penny saved is a penny earned"?

Benjamin Franklin

Mark Twain

Abraham Lincoln

Thomas Jefferson

George Washington



5) Select THREE facts about Maggie Lena Walker.

Her bank did not loan money.

Her bank helped Chinese Americans open businesses.

She was the first African American woman to be president of a bank.

She allowed people to keep even small amounts of money in her bank.

Walker's bank went out of business.

Maggie opened St. Luke Penny Savings Bank



6) Choose the best answer.

What will a business probably do when there is a shortage of its product?

stop making the product

hide the remaining product for themselves

the business will do nothing

make more of the product to meet the demand



7) Drag and drop the vocabulary words to the descriptions.

any place where goods are sold

the need or desire to have

a situation where demand is greater than supply

what is available to meet needs and wants
Choices
shortage
supply
demand
marketplace

1 answer

  1. Choose the best answer.
    Usually the price of an item is set by supply and demand.

  2. Choose the best answer.
    What often happens to a price if demand increases?
    The price increases.

  3. Choose the best answer.
    How _____ people think a product is affects its price.
    valuable

  4. Choose the best answer.
    Who wrote, "A penny saved is a penny earned"?
    Benjamin Franklin

  5. Select THREE facts about Maggie Lena Walker.

  • She was the first African American woman to be president of a bank.
  • She allowed people to keep even small amounts of money in her bank.
  • Maggie opened St. Luke Penny Savings Bank.

  1. Choose the best answer.
    What will a business probably do when there is a shortage of its product?
    make more of the product to meet the demand

  2. Drag and drop the vocabulary words to the descriptions.

  • any place where goods are sold: marketplace
  • the need or desire to have: demand
  • a situation where demand is greater than supply: shortage
  • what is available to meet needs and wants: supply