Vocabulary More Vocabulary Scarcity Production Institutions 1 pt 1 pt 2 pt 2 pt 3 pt 3 pt 4 pt 4 pt 5 pt 5 pt
A buyer of a good or service
CONSUMER
Physical Objects that are produced to satisfy wants
GOODS
What you give up when making a decision
OPPORTUNITY COST
Limited resources to satisfy one’s unlimited wants.
SCARCITY
Dividing a job among the workers so that each worker does some part.
DIVISION OF LABOR
Work done for or by someone to satisfy a want.
SERVICE
Something that satisfies a desire or need
WANTS
James and his little brother set up a lemonade stand. Their mother bought lemonade mix and paper cups. The boys sold lots of lemonade and at the end of the day they had $12. 50. Was this their profit? A. Yes. Profit is how much money people pay you for your product. B. No. The profit is how much their mother paid for the lemonade mix and cups. C. No. First they must divide the money in half. Each will have a profit of $6. 25. D. No. They must pay their mother back first. The money left over is their profit.
D. No. They must pay their mother back first. The money left over is their PROFIT.
Being dependant on others for the satisfaction of wants
INTERDEPENDANCE
When a worker its trained in a specific job or produces a specific product
SPECIALIZATION
An example of a product that would be scarce is: A. Candy B. Pencils C. Emeralds D. CD’s
C. EMERALDS
Scarcity of a good or service often causes ______ A. The price of the good or service to go down B. the price of a good or service to go up C. The good or service to be given away freely D. The good or service to be taken off the market.
B. The price of the good or service to go up
When scarcity exists with a product, often businesses will A. Go out of business B. Develop an alternate product to replace the scarce product. C. Lower the prices D. None of the above
B Develop an alternate product to replace the scarce product.
Which of the following is an example of a scarce service? A. Medical services B. Factory Workers C. Hair Stylists D. Accountants
A. Medical Services
Which of the following resources could be scarce? A. Money B. Land C. Labor D. All of the above
D. All of the Above
Which of the following is not a good economic reason for choosing the brand of shoes to purchase? A. The shoe Advertisements one has seen B. The purpose for which the shoes will be worn C. the price of the shoes D. the amount of money one has available
A. The shoe advertisements one has seen
Which of the following is a product: A. Marketing Consultation B. Personal Computer C. Legal representation D. Medical Care
B. Personal Computer
Which of the following people provides an economic service that meets a need? A. Movie Theater Owner B. Water treatment Plant Operator C. Passenger airplane manufacturer D. Internet service provider
B. Water Treatment Plant Operator
If the demand for a product is high, the supply is low, what is the result? A. Price of the good goes up. B. Price of the good goes down C. Producers stop producing the good. D. People stop buying the good
A. Price of the good goes up
Michael's uncle sent him money to buy a new football or a basketball. Michael decided to buy a basketball. The football has become the ________. A. B. C. D. trade financial cost opportunity cost profit
C. Opportunity Cost
In a free enterprise economy, people own and run their own business. In other kinds of economies, the government owns businesses. It tells factory managers what goods to produce, how to produce them, and how much to charge for them. In the United States, these decisions are made by _________. A. the president B. governor of the state C. the church D. business owners
D. Business Owners
Which of the following is a financial institution? A. computer company B. a local bank C. A department store D. A bookstore
B. A local bank
Free enterprise means that businesses: A. Rely on the government to set prices B. Try to take a loss C. Compete with one another D. Try to avoid revenues
C. Compete with one another
Which of the following statements is true? A. Individuals and households can have budgets. B. Only the federal government has a budget C. Only government entities have economies. D. Individuals and households do not have economies.
A. Individuals and households can have budgets
Which of the following can act as a small economic system? A. a Country B. a Bank C. U. S. Economy D. a household
D. A Household
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