Economics Flashcard-2nd Grade

Front

Economics is the study of buildings.

Back

False

Front

Economics is the study of the economy (money) and how people consume different wants, needs, and services. True or False?

Back

True

Front

A good is _________________

Back

something you buy or use

Front

A service is __________.

Back

an action someone does for someone else

Front

An example of a good is......

Back

an apple

Front

An example of a service is....

Back

Getting a haircut

Front

Which of these is an example of a producer? A school, A strawberry farm, A pickle, A house

Back

A strawberry farm

Front

Which is a consumer? A farmer growing strawberries, A clown making a balloon animal, A teacher, A kid buying a candy bar

Back

A kid buying a candy bar

Front

If the supply of something is LOW and the demand is HIGH than an item is considered _____

Back

scarce

Front

If the new X-Box has a low supply and high demand, it'll be ______

Back

more expensive