Consumer
Producer
Opportunity Cost
Scarcity
Random
100
Define what a consumer is.
A customer, someone buying a product or service
100
What is revenue?
a. the total amount of money a business makes that doesn't subtract expenses
b. The amount of money a business makes after subtracting the expenses
a. the total amount of money a business makes that doesn't subtract expenses
100
Define opportunity cost.
The thing that you lose
100
Define scarcity.
When you are out or almost out of something.
100
Who played in the halftime show at this years Superbowl?
Kendrick Lamar
200
In the following example, identify the consumer:
Abby went to the store Sprouts to pick up some strawberries for a snack.
Abby
200
Maya owns a coffee shop and sells coffee and pastries. She is considered a what? (select all that apply)
a. Supplier and Producer
b. Consumer
c. A business
A and C
200
In the following example, identify the opportunity cost.
James and Lily went to store to get baby food. They had a few options to choose from. They could choose the cheap option with few benefits or they could choose the more expensive option that had better benefits. They decided to get the more expensive baby food.
The cheap option is the opportunity cost.
200
In the following example, identify what is scarce.
Kent and Ana went to the store to get cat food. When they got to the store, they found out that the salmon wet cat food only had two containers on the shelf and they needed 7 for the week.
Salmon wet cat food
200
What year was the first Pokemon franchise released?
a. 1992
b. 1996
c. 2000
1996
300
Which of the following is NOT true about a consumer?
a. Consumers are also known as customers.
b. Consumers sell and create products and services to be bought.
c. The way consumers get their products and/or services has changed over time.
d. Everyone has been a consumer at one point in their life.
b. Consumers sell and create products and services to be bought.
This is correct because producers are the ones that sell and create products and services to be bought.
300
What do producers need in order to do business?
a. Money only
b. The four factors of production
c. Land only
d. Goods and services
the four factors of production
300
Fill in the blank: Ms Hamilton had 60 minutes of free time. She decided to go to the gym instead of taking a nap. Therefore___________is the opportunity cost
a. Going to the gym
b. Taking a nap
b. Taking a nap
300
Which of the following is FALSE about scarcity?
a. Scarcity happens all the time all over the world.
b. Scarcity takes time to recover from. Some stores may takes weeks, months, even years to recover from it.
c. Scarcity is often seen during natural or human disasters (like a pandemic, hurricane, flood, and so on).
d. Scarcity doesn't happen to animals.
d. Scarcity doesn't happen to animals.
300
True or False: Slurping your noodles while eating Ramen in Japan is considered rude.
False: It is considered good manners
400
Jason earns $17 an hour working at Wingstop. What market is he participating in?
Factor market
400
Fill in the blank: Producer's main objective is to make as much __________as possible
a. Revenue
b. Profit
c. Expenses
Profit
400
True or False: Opportunity cost is the thing that you lose or the choice that you did NOT make
True
400
True or False
Scarcity can happen to anyone, anywhere, and at any time.
True.
It is unfortunate but there a lot of things that are outside of our control that can cause things to become scarce.
400
1. Who is this person? (must say first and last name)
First Lady Melania Trump
500
Which of the following is an example of a consumer?
a. Ted bought apples.
b. The shelves were empty at Walmart during the start of the pandemic.
c. Jason owns three stores.
d. In order to have time for studying for a difficult test, Jamie had to skip spending time with friends this week.
a. Ted bought apples.
500
Which of the following is an example of a producer?
a. Ted bought apples.
b. The shelves were empty at Walmart during the start of the pandemic.
c. Jason owns three stores.
d. In order to have time for studying for a difficult test, Jamie had to skip spending time with friends this week.
c. Jason owns three stores.
500
Which of the following is an example of opportunity cost?
a. Meg owns a farm in Idaho.
b. Jezebel buys her groceries every week.
c. Jamie bought a larger bag of chips instead of the smaller one
d. Walmart has no cat litter and will receive more on Saturday morning.
c. Jamie bought a larger bag of chips instead of the smaller one
500
Which of the following is an example of scarcity?
a. Meg owns a farm in Idaho.
b. Jezebel buys her groceries every week.
c. Jamie bought a larger bag of chips so her total was more (even though the cost per oz was less).
d. Walmart has no cat litter and will receive more on Saturday morning.
d. Walmart has no cat litter and will receive more on Saturday morning.
500
Solve this riddle:
I’m tall when I’m young, and I’m short when I’m old. What am I?
A candle