Understanding Economics Practice (Core Knowledge)

Front

Which of the following is a need? a) water, b) sports car, c) diamond ring, d) birthday cake

Back

water

Front

Which of the following is a human resource? a) a forest, b) a factory, c) a delivery truck, d) an office worker

Back

an office worker

Front

What is the difference between goods and services?

Back

Goods are tangible things that can be sold, while services are tasks people do for customers.

Front

When does scarcity occur in an economy?

Back

Scarcity occurs when there are not enough resources to meet people’s wants and needs.

Front

What is the opportunity cost of choosing to go to a movie that costs ten dollars over a carnival that costs seven dollars?

Back

the carnival

Front

What happens to supply and demand at the equilibrium price?

Back

Supply and demand are equal.

Front

Which of the following is the best example of bartering? a) Estella bakes a cake, and Martin gives her ten dollars for it. b) Estella bakes a cake and gives it to Martin for his birthday. c) Estella bakes Martin a cake, and in return, Martin mows Estella’s lawn. d) Estella bakes a cake, and Martin borrows ten dollars from his mother to pay for it.

Back

Estella bakes Martin a cake, and in return, Martin mows Estella’s lawn.

Front

Why is the price of summer fruit usually lower in the summer than in the winter?

Back

The supply of summer fruit is higher in the summer than in the winter.

Front

The United States–Mexico–Canada Agreement (USMCA) demonstrates which economic principle?

Back

economic interdependence

Front

In economics, what is a market? Options: a) a display of goods and services for sale, b) the total amount of a product offered to consumers, c) the price consumers are willing to pay for something, d) an area where people go to buy, sell, and trade goods

Back

an area where people go to buy, sell, and trade goods