Economic Decision
Making Good Economic Choices
Goods and Services
Saving and Spending
Mystery
100
What is scarcity?
Scarcity means that you do not have enough of something.
100
Should you pay for things with cash or credit? Why?
You should pay for things with cash because you will not have to pay it later with interest, as you would with credit.
100
Does a teacher provide a good or a service?
Service
100
What is a safe place in which you can deposit money?
Savings account
100
The process of making a good is called...
Production
200
Explain how a decision tree can help you when you have an economic problem.
Students should state that decision trees show the positive and negative/ good and bad/ pros and cons of two decisions.
200
In Tanya's Money Problem, Tanya wanted a smartphone, so she asked her brother for a loan. Is it a good idea to take out a loan? A) Yes because if you want something, you should buy it. If you don't have enough money, you can just take out a loan and pay for it later with interest. B) No because if you want something, you should save for it. If you take out a loan, you will have to pay it back with additional interest, making the total payment more money.
B) No because if you want something, you should save for it. If you take out a loan, you will have to pay it back with additional interest, making the total payment more money.
200
Is an Xbox 360 a good or a service?
Good
200
List three ways you can spend money or buy something.
credit card, check, cash/ debit card, loan
200
Which means a plan to cheat people out of their money dishonestly? A) Loan B)Investment C) Fraud D) Propaganda
C) Fraud
300
You have $5 to spend at mini society. You want to buy a bookmark, but you also want to buy a magnet. You decide to buy a bookmark. Your opportunity cost is the magnet. What is scarce in this situation?
Money
300
If you get $5 a week for doing chores, which would be the better economic choice? A) buying candy and snacks at lunch every week with the $5. B) deciding what you really want such as a video game, a day at the movies, amusement park tickets, or new shoes and saving your $5 every week until you have enough
B) deciding what you really want such as a video game, a day at the movies, amusement park tickets, or new shoes and saving your $5 every week until you have enough
300
Name one good or service that is provided by the government and tell whether it is a good or a service.
Examples could include... Public School Teachers: service Infrastructure (roads and bridges): Good
300
McDonalds depends on the farmers to harvest the potatoes in order to make fries. This is an example of: A) Global Society B) Interdependence C) Consumption D) Spongebob
B) Interdependence
400
Your mom wants to do something special for you this weekend. She says you can either take some friends to the mall or take some friends to the movies. You choose to go the the movies. What is your opportunity cost?
Mall
400
In the story Tanya's Money Problem, Tanya made poor economic decisions and Thad made good economic decisions. Name one thing Thad did to show good economic decisiion making and one thing Tanya did to show poor economic decision making.
Answers could include: Thad= savings account, saves money, invests in stock Tanya= does not save money, spends money quickly, takes out a loan from Thad, on which she has to pay interest
400
Name the three types of resources used to make goods. (Think about the production of chocolate, the production of helment, and the production of bread).
Human, Capital, and Natural
400
What is the vocabulary word that means a person that buys, or spends money on, products?
Consumer
400
List the three types of propaganda.
Bandwagon, Testimonial, Humor
500
Your teacher says you can have 20 minutes to either study for your economic test or play with your friends. Create a decision tree to represent this problem.
Decision tree should state the problem, two positive points about studying, two positive points about playing with friends, and a final decision that relates to the decision tree.
500
Bailey and Bernard want to buy a video game. Bailey saves all of her allowance for three months and when she has $60, she buys a video game. Bernard does not want to wait for three months, so he uses his credit card and will make monthly payments until the $60 bill is paid off. Who made the better economic decision and why?
Bailey made the better economic decision. Bernard will have to pay monthly and will probably be charged interest.
500
Name the three types of resources and provide an example for each.
Human, Capital, and Natural. Students should provide an example of each.
500
What would you call the money you make from doing a job?
Income
500
97% of teachers agree that Crayola crayons are the best brand of crayons. What type of propaganda is this an example of?
Testimonial
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