Vocabulary
Examples
Definitions
Miscellaneous
Just for fun
100
When you give up something to get something else.
What is opportunity cost?
100
You have $5 to spend and you decide to buy pizza and not a new toy. Name your opportunity cost.
What is the new toy.
100
The science of making, distributing and using goods and services.
What is economics?
100
Give one positive incentive example from home.
What is (answers will vary)
100
You open a cupcake business and sell cupcakes for $2 a dozen. You sell 10 dozen cupcakes. How much to you make in all?
What is $20
200
When you get a checkmark in class.
What is negative incentive
200
You are caught pushing another student in line and get a checkmark.
What is a negative incentive.
200
How goods are made or services are performed.
What is production?
200
In our story Brock, Rock and the Savings Shock, grandpa doubled the money for the boy who saved his allowance.
What is positive incentive?
200
You buy flour to make cupcakes and it costs $4. You sell all of your cupcakes and make $48. How much money do you have after you pay for the flour?
What is $44.
300
The person who purchases goods and services.
What is a consumer?
300
There are lots of stores and people selling things. This is an example of what?
What is a market place?
300
How people use the goods or services that are produced.
What is consumption?
300
You earn $20 a month and you must pay your brother $5 month for helping you walk the dog. You want to save for a new video game, but you want to buy an inflatable elephant head for your wall. What economic tool should you use to help you save for that new game?
What is a "budget"
300
Noah bakes bread. He has to buy sugar, flour, eggs and salt at the store for his ingredients. Noah is called a " " when he purchases the ingredients.
What is consumer?
400
The person who makes goods or provides services.
What is a producer?
400
You get $10 in allowance money. You have to pay your sister $5 for her help mowing the lawn, save $2 in your piggy bank and have $3 to spend on a toy. This is an example of what?
What is a budget?
400
Things that satisfy people's wants.
What are goods?
400
Joey sells lemonade for $1.00. Mary sells lemondade for $.50. Mary sells more lemonade.
What is competition?
400
Colleen sells bread. She is called a " ".
What is a producer?
500
Knowing how much money you have and then deciding how much to save and how much to spend.
What is a budget?
500
These are resources found in nature that help producers make things.
What is natural resource?
500
When our wants are greater than our ability to satisfy them.
What is scarcity?
500
Give an example of when you had to experience opportunity cost.
What is (answers will vary).
500
It is the beginning of January and you want to buy a new bike at the end of July. You get paid an allowance of $25 a month and the bike costs $96. You have to pay your sister $5 a month for helping you mow the lawn. What will help you reach your goal to buy the bike in July? Will you have any money left over and if so, how much?
What is a budget and you will have money left over. 25x6=$150. $150-(the money you pay your sister or $30)= $120. You will have $24 left over.
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