Productive Resources
Wood is an example of which productive resource?
Land/Natural
What type of tax is collected every time you buy something from the store?
Sales Tax
What happens to the demand and price of sunscreen in the middle of winter in Ohio?
The demand goes down.
The price goes down.
If a product is scarce, what typically happens to the price?
It goes up
What are the two ways to take money out of your checking account?
Debit card and checks
Elon Musk, Jeff Bezos, Mark Zuckerberg are all examples of this productive resource.
Entrepreneur
Who pays more in sales tax, a rich woman or a poor woman?
They pay the same amount.
If there used to be one gas station on a stretch of highway and they built three more gas stations, what will most likely happen to the price of gas?
It will go down.
Is there a scarcity or surplus of potato chips?
Surplus
What is the opportunity cost in this scenario? Identify one thing.
Mike ordered pizza for dinner.
Gas, money, time, other food, etc.
A security guard is an example of which type of productive resource?
Labor/Human
What is one thing that the government might use our tax money to pay for?
Roads, schools, parks, hospitals, etc.
What will happen to the price of Nike shoes if there is a fire at a factory that distributes 50% of all Nike shoes.
Price will rise.
Is there a scarcity or surplus of diamonds?
Scarcity
What does Chipotle specialize in?
Burritos/Mexican food
Identify an example of land, labor, and capital from McDonald's.
Answers will vary
What does competition do to prices? McDonald's and Wendy's, Nike and Adidas.
Lowers them.
If Taylor Swift was seen wearing a specific type of watch at the Super Bowl, what will happen to the demand and price of that watch?
Demand will go up
Price will go up
A drought would most likely cause a __________of apples. (Scarcity or surplus?)
Scarcity
What does Microsoft specialize in?
Technology
A refrigerator is an example of what type of productive resource?
Capital
What type of tax is taken out of your paycheck when you get paid?
Income tax
What will happen to the price of the 2024 version of Madden when the 2025 version comes out?
Price of the old game will drop
If there is a surplus of an item, what typically happens to the price?
It goes down
Person one scoops the ice cream, person two adds the toppings, person three adds the lid, and person four gives it to the customer. This is an example of what?
Division of labor