Category 1
Which word describes when there is more than enough of a good or service to meet consumers' needs?
abundance
What type of economic resource is shrimp?
a. man-made
b. environmental
c. natural
c. natural resource
A decision to buy one thing instead of another.
I bought apples instead of soda. The apples are my ___________________.
Economic choice
Which word describes when there is not enough of a good or service to meet the needs of consumers?
scarcity
Who provides the service of teaching lessons to students?
Teachers!
A person who makes, grows, or sells goods is a ______________________.
producer
When you give up an item and choose another item instead, the item you gave up is your ____________________________.
ex. I wanted cake but bought bananas instead. The cake is my _____________.
Opportunity cost
A person who buys or uses goods is a ___________________.
consumer
__________ are products made by producers to be sold to consumers.
Goods
How does a farmer meet people's needs?
a. by making machines for people?
b. by being physically healthy
c. by providing food for people
c. by providing food for people
When people earn money for doing a job, they are earning an
a. scarcity
b. income
c. surplus
b. income
When would a business owner choose to raise the price of his goods?
When the demand is low
or
When the supply is high
Why would business owners lower the price of products that are not selling quickly?
To convince consumers to buy those products.
__________ are jobs that a person or group does for another.
Services
The amount of a product that producers have made or grown and want to sell
Supply
The amount of a good or service that people want and are willing to buy.
Demand
Breanne, Cesar, and Darnell are going to play Pokemon together. They each want to buy a deck of cards, a play mat, and a toy Pokemon figure. The store has 3 decks of cards, 2 play mats, and 4 toy figures. Which statement is true?
a. There is an abundance of decks.
b. Breanne, Cesar, and Darnell are producers.
c. Play mats are scarce.
c. Play mats are scarce.
What does a higher price show consumers about the demand for a product?
A lot of people are buying that product.
It is probably a good product.
Melanie wants to buy a new cap and t-shirt. She only has enough money to buy one item. She will need to:
a. go home crying
b. compare costs and benefits
c. buy something different
b. compare costs and benefits
When a person does one specific job or makes one part of a product, that is (interdependence / specialization ) .
What impact does the seafood industry have on Louisiana?
a. It is causing the state to lose money.
b. It makes money and creates jobs.
c. It has little impact in the state.
b. It makes money and creates jobs.
__________ means to bring goods in from another country to sell.
Import
Which good will likely cost the most?
Thin Mints: high demand, low supply
Samoas: high demand, high supply
Sugar Cookies: low demand, high supply
Thin Mints
When two groups of people depend on one another to be able to do their jobs or produce their goods or services, that is called ____________.
Imagine: The fuel supplier is preparing to send his trucks out to all of the gas stations. A bad storm causes many of the roadways to become blocked by fallen trees. Now the gas trucks are not able to take their product to the gas stations. What will happen economically?
*Consider supply, demand, scarcity, abundance, and price .
The supply has gone down, so the price will go up as gas becomes more scarce.