A
Scarcity means…
a. There is more than enough for everyone
b. There is not enough of something
c. Everyone gets the same amount
b. There is not enough of something
When you choose one thing and give up another, the thing you give up is called…
a. Price
b. Opportunity cost
c. Money
b. Opportunity cost
When a teacher pulls a name out of a hat to pick a helper, that is an example of…
a. Lottery
b. Price
c. Majority rule
a. Lottery
Money makes trade easier because…
a. It is fun to collect
b. Everyone wants money
c. It is heavy
b – Everyone wants money
Trading a toy car for a book is an example of…
a. Barter
b. Saving
c. Spending
a. Barter
There are only 3 basketballs but 6 kids want to play. What is this an example of?
Scarcity – not enough basketballs for everyone.
You have time to read one book before bed. You choose a mystery book. What is your opportunity cost?
a. Reading the mystery book
b. Not reading the other book
c. Going to bed
b – Not reading the other book
When people vote to decide something, that is…
a. Contest
b. Majority rule
c. Sharing
b. Majority rule
Saving money means…
a. Using it right away
b. Keeping it for later
c. Giving it away
b. Keeping it for later
Which of these is not money?
a. Coins
b. Dollars
c. A pencil
c. A pencil
A benefit of saving money is…
a. You can buy something bigger later
b. You have less money
c. You lose your money
a. You can buy something bigger later
A cost of spending money now is…
a. You still have all your money
b. You don’t have money for later
c. You can buy more things later
b. You don’t have money for later
When the first person in line gets something first, that is…
a. First-come-first-served
b. Personal characteristics
c. Force
a. First-come-first-served
You have $10. You can buy a small toy today or save for a bigger $20 toy. What is the cost of buying the small toy now? What is the benefit of saving your money?
Cost of buying the small toy now: You won’t have money to save for the bigger toy.Benefit of saving: You can buy the bigger toy later.
Emma wants a doll, and the store wants money—not her crayons. Why can’t she barter her crayons for the doll?
Because the store only accepts money, not crayons, and barter only works when both sides want what the other has.
You want both an ice cream and a toy, but you only have enough money for one. This is an example of…
a. Saving
b. Scarcity
c. Barter
b. Scarcity
You choose to go to a birthday party instead of a soccer game. The soccer game is your…
a. Price
b. Benefit
c. Opportunity cost
c. Opportunity cost
The ice cream shop gives the last cone to the person who arrived first. What method of allocation is this?
First-come-first-served
When there are limited supplies, people must…
a. Get everything they want
b. Make choices
c. Avoid making choices
b. Make choices
A teacher picks the line leader by having everyone vote. This is…
a. Force
b. Majority rule
c. Lottery
b. Majority rule
Trading sandwiches at lunch is an example of…
a. Money
b. Bartering
c. Allocation
b. Bartering
Why do stores prefer money over bartering?
a. Money is easier to carry and everyone accepts it
b. Bartering is faster
c. Bartering always works
a. Money is easier to carry and everyone accepts it
Which form of money can be used to buy things?
a. Dollars
b. Toys
c. Snacks
a. Dollars
Sam wants to trade his comic book for a skateboard, but the owner of the skateboard doesn’t want the comic. Why won’t the barter work?
The owner doesn’t want the comic, so bartering won’t work.
You have $3. You want a $2 snack and a $5 toy. If you buy the snack, what is the cost?
You won’t have enough to save for the $5 toy.