Economics Daily Grade 2 Review

Front

Jewel wants to use her money to buy a skateboard and a bicycle. She can only afford one of them. She decides to buy a skateboard. What is one of Jewel's opportunity costs?

Back

owning a bicycle

Front

What is the MOST LIKELY reason that the store has the shoes?

Back

The shoes were made in another part of the country and sent to the store.

Front

What is Lilly's opportunity cost if she decides to go ahead and buy the new PS5?

Back

Lilly will have a small amount of money in her savings.

Front

Which of the following are true about supply and demand?

1. If supply is equal to the demand, then prices are higher. 

,

1. If supply is greater than demand, then prices are higher. 

, If supply is greater than demand, then prices are lower., If demand is greater than supply, then prices are lower.

Back

If supply is greater than demand, then prices are lower.

Front

Trish had a pen, but she wanted a pencil. Greg had a pencil, but wanted a pen. They voluntarily exchanged the pen and the pencil with each other. Who benefited from this exchange?

Back

Both Trish and Greg benefited

Front

Food in restaurants like Chick-fil-A and McDonald’s are allocated, or distributed, using _________.

Back

price

Front

Which of the following BEST completes the boxes?
Mike buys the Xbox 360; Diego makes the Xbox 360.
Jamal earns an allowance; Larry works for his income.
23 Miguel saves money; Julio spends money.
Karen makes slime; Carly buys the slime.

Back

Karen makes slime; Carly buys the slime.

Front

Evan is selling lemonade at his lemonade stand. Around lunchtime, a large line forms at his stand. What should Evan do to the price of his lemonade?

Back

Increase the price of the lemonade

Front

What are the baseball hat and the skateboard?

Back

They are goods.

Front

Why is it important that goods are made all over the world?

Back

It gives people access to goods that their community does not make.