Economic Terms
Production
Allocation
Competition
Economic Activities
100
What are items in the marketplace that we can touch like food, clothing, and cars?
goods
100
What is one factor that makes productive capacity increase or enable producers to make more things quicker?
technology
100
What type of allocation occurs when goods or services are assigned a number and given out according to that number?
lottery
100
What is the term that describes what happens when two or more businesses sell the same goods?
competition
100
What did we do in the Candy Activity?
We used candy to show how resources are allocated in the real world. Everyone wanted the candy so that created a scarcity. The supply was low, but the demand was high.
200
Where does the exchange of goods or services between buyers and sellers happen?
markets
200
When producing goods what is one factor that would help make things go faster and be made for less money?
division of labor
200
What form of allocation occurs when consumers choose what product they want according to how much it cost?
price
200
When competition happens between two businesses what happens to the prices of the goods and services offered?
the price lowers
200
What did we do in the Pencil Choice Activity?
The pencils were the goods that we could choose from. They each had a different price and quality. The choice we did not make was our opportunity cost.
300
What is the term that describes when businesses depend on others to meet thier needs?
interdependent
300
What is it called when companies only provide one good or service?
specialization
300
What type of allocation occurs when there is only a certain amount of goods or services passed out?
rationing
300
How does competition help a consumer? (There are 4 ways that competition helps a consumer)
the customer receives better quality products, lower price, better customer service, or economic incentives (buy one, get one free).
300
What did we learn in the Competition Pizza Activity?
Competition can be good for consumers by making businesses lower prices. However, if the price becomes to low the business could close which is bad for the customer.
400
What is the term that means the way resources are shared or passed out?
allocation
400
A manager in a milk factory would be considered a _________________________.
entrepreneur
400
What type of allocation occurs when consumers purchase as many of the good and service until the supply runs out?
first-come-first serve
400
What happens to the prices of a good or service when customers demand is high and the supply of the good or service is low?
Since the supply is low and the demand is high the prices go up.
400
What is one thing we learned in the Econ and Me video?
We learned about opportunity cost (shelf and table), scarcity (space for furniture), consumption (making choices as to what to spend money on), production (produced a play), and interdependence (depended on others to get furniture).
500
When you are making a decision on what to buy, what is the best thing given up when choosing something else?
opportunity cost
500
What term is used for a person who makes goods or services?
producer
500
What type of allocation occurs when a good or service is passed out according to how much the government wants to give it out.
command economy
500
What are the five most important things that happen when competition occurs among producers?
price, advertising, economic incentives, customer service, and quality.
500
What was the color of the outfit Mr. Jeremiah Econnery had on in the Economy Rap? or What was the name of the boy who was always in trouble. What was one thing he did that others didn't like?
Mr. Jeremiah Econnery wore yellow and a white hat. The boy who was a trouble maker was named Sean. He stole Mr. Econnery's sandwich.
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