Econ
I Know It All
Econ Galore
More Econ
It's All Econ
100

Refers to the economic problem of having limited resources with unlimited wants

What is scarcity

100

Things that people must have to survive

What are needs

100

Things that people would like to have but can live without

What are wants

100

The direct trading of goods and services between people without the use of money

What is barter

100

A store receives 1000 rolls of toilet paper and 200 people need it.  What is the economic term for the amount of product?

What is a surplus?

200

Someone who buys goods and services

What is a consumer

200

Actions done for others in exchange for payment

What are services

200

Tangible items that people consume or use

goods

200

Goods and services purchased from the another country

What is import

200

During COVID, the purchase of hand sanitizer in stores was limited to 2 and the price was high. What was the reason for this? Be specific.

Demand was high and supply was low.

300

This is the social science that studies the production, distribution, and consumption of goods and services.

What is economics?

300

The study of how individuals, governments and businesses allocate scarce and surplus resources

What is trade

300

The effort people contribute to the production of goods and services

What is labor

300

When workers produce a surplus of a good, what happens to the price?

What is go down?

300

The more countries trade, the more they become _____________.

What is interdependent?

400

The result involved in your decision to purchase something. 

opportunity cost

400

When an item leaves a country it is called this.

What is an export?

400

The factors of production a country has. These are uneven across countries in the world.  

What is distribution of resources?

400

The three basic economic questions each country must ask when developing the economic plan

1) What goods/services will be produced?

2) How will goods/services be produced?

3) Who will buy the goods/services?

400

List the The four factors of  production AND an example for each.

Capital

Entreprenuer

Land ( natural resource)

Labor ( human resource)

500

Hans is going to the grocery store to buy cereal. After a drought (not enough rainfall) the price of wheat has increased, driving up cereal prices. Hans considers buying the store brand instead of the name brand, but his family likes the name brand better. He considers buying smaller boxes of cereal, but he would not be guaranteed to have enough to meet the demand of his family. – If Hans decides to buy the name brand cereal, he is most likely basing his decision of off….

What is quality or brand?

500

Explain how the distribution of resources and specialization lead to interdependence. Don't just show the flow.  Make sure you explain.

Resources are unevenly distributed in the world forcing countries to specialize in making a few products really well and trading for everything else that they need. Since they are not producing everything their country needs, they rely on other countries to provide the products they need. When countries rely on each other, we say that are interdependent.

500

Mrs. Duncan took her son, Nick to get new shoes.  He went straight to the Nike section because " all the kids wear them".  He would not consider other shoes.  The Nike shoes were $179.  Mrs. Duncan tried to get him to look at Hokas that were $179 because she said they will be more comfortable.  What was the consumer choice for Nick and Mrs. Duncan? ( Two answers needed- must give evidence for each response)

Nick - brand ( must explain) " all the kids wear them"

Mrs. Duncan - quality/brand " they will be more comfortable"

500

The Columbus Crew’s owner announced he was moving the team to Houston, Texas at the end of the season. Use your understanding of price and quality to predict trends of ticket prices for the remainder of the season.

– Either ticket prices will drop because people do not want to support the team or ticket prices will increase because there is a limited amount of games left and people want to see them before they leave.

500

Saudi Arabia gets their food from the United States because they cannot grow enough to feed all of their people. They trade some of their surplus of oil for it. In terms of exporting and importing, the United States is…

The United States is importing oil OR the United States is exporting food.

M
e
n
u