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Written by cinci on . Posted in Unit 4: Economics.

1. Katie wants to buy her favorite band’s album before she attends the concert in three weeks. The album costs $35. Mrs. Kelley told Katie she would pay her $4.65 every time she walked her dog Charlie. Katie’s parents said they would pay her $5.25 a week for doing chores. Currently Katie has $6.46 in her savings.

a. Create a budget for Katie that shows how many times she will need to walk Mrs. Kelley’s dog and complete chores for her parents in order to afford the album before the concert in three weeks? Don’t forget about the money in her savings. Be sure to show your work!

Use the two photos below for the next two questions

2. What types of transportation are shown in each photo? How did these types of transportation impact Cincinnati?

3. Name 2 ways communication has changed since the 1900s?

4. For each definition, select the correct term

Definition Term
Actions that have the ability to satisfy people’s wants and needs
Things that have the ability to satisfy people’s wants and needs
When people and businesses use resources to make goods and services to sell
When many people want something
An amount of something that is available for use
When there is a lack of sufficient resources to produce all of the goods and services people desire
Every choice involves a cost, which means giving up the chance to get something else
Someone who buys goods

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