Our Economy

Our Economy

Multiple Choice

A consumer is a person who

• buys good

• sells goods

Multiple Choice

A producer is a person who

• buys goods

• sells goods

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Why does the consumer need a producer?

• the consumer needs the producer to provide the good

• the consumer needs the producer to buy his own good

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If you buy something and take it home, it is a

• good

• service

• dog

Multiple Choice

scarcity

• people must make choices because people want more things than they can actually have

• items that can be bought or sold

• place where buyers and sellers come together

Multiple Select

Examples of services

• paying someone to cut your hair

• paying a plumber to fix your sink

• sink

• cups

Multiple Select

Examples of goods

• milk

• paying someone to fix your car

• t-shirts

• cotton candy

Multiple Choice

goods

• items that can be bought, sold, or traded

• people must make choices because people want more than they can have

• tasks you pay someone to do for you

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market

• items that can be bought, sold, or traded

• system in which goods and services are bought and sold

• a place where buyers and sellers come together

Multiple Choice

The total amount of a good or service that is available to buy is called...

• Supply

• Demand

• Services

• Goods

Multiple Choice

When supply is HIGH, but demand is LOW, what happens to the price?

• The seller will raise the price.

• The seller will lower the price.

Multiple Choice

Sally had to choose between buying bananas or m&ms at the store. She only had enough money to buy one. What is one benefit to buying the bananas?

• They don't taste as good as the candy.

• They are a healthy snack.

• They are yellow.

• Candy tastes better.

Multiple Choice

When making a choice, there are costs and benefits. A cost is a

• positive/good thing

• negative/bad thing

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When making choices, there are costs and benefits. A benefit is a

• positive/good thing

• negative/bad thing

Multiple Choice

A free market economy means...

• buyers and sellers are TOLD what to buy/sell

• buyers and sellers have a CHOICE

• everything is free

• the government sets the price of items

Multiple Choice

All of the businesses in a place make up the...

• money

• store

• market

• economy

Multiple Choice

When the nintendo switch first came out, it was sold out in stores. This is an example of

• goods

• services

• scarcity

• a sale

Multiple Choice

The system in which goods and services are bought and sold is called...

• the economy

• the services

• the business

• the goods

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This can happen because people want more things than they can have...

• scarcity

• services

• market

• goods

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A place where buyers and sellers come together is called a...

• economy

• good

• market

• services

Multiple Choice

Clothing, books, and toys are all examples of...

• services

• goods

• economy

• scarcity

Multiple Choice

Getting your hair cut is an example of a...

• economy

• good

• service

• scarcity

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Tasks that you pay someone to do for you are called...

• Goods

• Services

• Jobs

Multiple Choice

Items that can be used, seen, or touched are called...

• Services

• Goods

Multiple Choice

Economy is...

• The wealth and resources of a country or region.
• Something we talked about in the old days only.
• Not something kids need to know.
• Something that is made up by the government.

Multiple Choice

When the supply of something goes down, the demand usually goes...

• Up
• Down
• Sideways
• Off the Chart

Multiple Choice

When the demand of something goes up, the supply usually goes...

• Up
• Sideways
• Down
• Goes to 0 Immediately

Multiple Choice

What is demand?

• The amount of an item available to consumers.
• A good or service that is grown and then sold.
• How much consumers want something.
• Demand is only on TV.

Multiple Choice

What is supply?

• The want or need from consumers in an economy.
• Supply is not part of an economy.
• The amount of something available.
• To trade without using money.

Multiple Choice

Who is a consumer?

• A person who buys goods and services.
• A smart shopper
• A person who makes and sells goods and services.
• Someone who spends money constantly. 

Multiple Choice

What are goods?

• Things in the world.
• Things that are made or grown and then sold.
• Only positive things that happen to consumers.
• An activity that a business or person trades for payment.

Multiple Choice

Jason is choosing between buying apples and cookies. Apples cost $10 and cookies cost $7. What is the benefit to the choice that Jason must make?

• Apples are a healthy snack, or cookies cost less money.

• Cookies are a healthy snack, or apples cost less money.

• Both snacks are super healthy and cost the same amount.

• Apples are a healthy snack, or cookies cost more money.

Multiple Choice

If you pay someone to clean your house, you are paying someone to do a

• economy

• good

• service