Category 1
Category 2
Category 3
Category 4
Category 5
100
Making goods or providing services is called _______
a) Consumption
b) Distribution
c) Production
C) Production
100
Which of the following is not an example of a human resource?
a) a teacher b) a doctor
c) a bank teller d) a cargo ship
d) a cargo ship
100
Why do people have to make choices with how they spend their time and money?
Answers will vary
Some might include:
They cannot have or do everything they want
Time and money are limited resources
They have to give up something when they make a choice
100
Physical items that people make or grow that you can use or buy is called
Goods
100
What is it called when you have to decide between 2 or more options when buying or using something?
Economic Choice
200
Moving goods to the people who need them is called ______
a) Production
b) Distribution
c) Consumption
b) Distribution
200
A farmer grows apples and exchanges them with a fisherman for fish. What is this an example of?
a) Opportunity cost
b) Specialization and trade
c) Money being deposited at a bank
b) Specialization and trade
200
Computers allow people in different countries to trade more easily. How does this show interdependence?
a) People in different countries depend on each other to get goods and services they cannot produce themselves.
b) Interdependence means everyone makes all the goods they need on their own.
a) People in different countries depend on each other to get goods and services they cannot produce themselves.
200
Actions or jobs that people do for others is called ________
Services
200
True or False: Natural Resources are things that we get directly from nature that people use
True
300
Using goods or services is called _______
a) consumption
b) production
c) distribution
a) consumption
300
Mariella has $15 and goes to the movies, she can buy popcorn or candy but not both. Mariella chooses the popcorn. What is Mariella’s opportunity cost?
Candy
300
Which natural resource would state A most likely produce? a) coal b) corn c) wood
c) wood
300
The people who work to produce goods and services are called ____________ resources.
human resources
300
True or False: Trading is not important in economics.
False
400
Which of the following is an example of a natural resource?
a) computer
b) tree
c) teacher
b) tree
400
Why do regions or countries specialize in producing certain goods?
a) They want to make as many things as possible.
b) They only want to produce food and nothing else.
c) They cannot produce everything they want or need.
c) They cannot produce everything they want or need.
400
Which natural resource would state B most likely produce? a) wood b) corn c) coal
b) corn
400
Tools, machines, and buildings used to make goods or services are called ___________ resources
Capital
400
Exchanging one thing for another is called ________
Trade
500
Which of the following best describes someone using a capital resource?
a) A carpenter uses a hammer to build steps.
b) A receptionist works at the barber shop.
c) A farmer buys seeds to plant in the field.
a) A carpenter uses a hammer to build steps.
500
If a country grows coffee beans, but does not have the resources to produce oil, what will the country most likely do?
a) move to another place b) stop growing coffee beans c) Sell coffee beans and use the money to buy the oil they need
c) Sell coffee beans and use the money to buy the oil they need
500
Why would these states need to trade with one another?
Because each state has different resources and cannot make everything they need
OR
“State A has forests, State B has farmland, and State C has coal, so they trade to get the resources they don’t have.”
500
Having a set amount of something or being restricted by a rule or boundary is called _____________
limited
500
When people or regions focus on making what they're best at is called _________
Specialization