Economics Vocabulary Practice #3

Front

What is Economics?

Back

The study of resource allocation and decision-making.

Front

What does macroeconomics focus on?

Back

the economy as a whole, including inflation, unemployment, and economic growth

Front

Microeconomics is the study of:

Back

individual markets and the behavior of consumers and firms

Front

What does scarcity mean?

Back

The limited nature of society's resources

Front

What is the opportunity cost of choosing the Ferris wheel at a carnival with Evelyn, Nora, and Benjamin?

Back

The thrill of the roller coaster ride you didn't take

Front

Imagine you're on a quest with Mia, Arjun, and Michael to build the ultimate lemonade stand. What are the magical ingredients, or factors of production, that you'll need?

Back

Land, labor, capital, and entrepreneurship

Front

Imagine you're in a world where Abigail, Hannah, and Grace are exploring different economies. Can you guess which one is a Traditional economy? It's the one where customs, traditions, and beliefs shape the goods and services produced, just like Abigail's grandma's secret recipe!

Back

It's the one where customs, traditions, and beliefs shape the goods and services produced, just like Abigail's grandma's secret recipe!

Front

Imagine you're in a world where Ava, Kai, and Mason are the rulers of an economy. What kind of economy is it if they decide everything about supply and price, leaving no room for market forces?

Back

An economic system where supply and price are regulated by the government rather than market forces

Front

Imagine you're at a bustling marketplace with Anika, Nora, and Harper. What kind of economy is it where the prices of apples and oranges are decided by how many people want them and how many are available?

Back

Where supply and demand determine prices

Front

Imagine you're running a lemonade stand with your friends Daniel, Anika, and Sophia. Profit is:

Back

The amount of money earned after expenses