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Intro to economics

Intro to economics

Assessment

Presentation

•

Social Studies

•

12th Grade

•

Medium

Created by

Kendrick Broadus

Used 33+ times

FREE Resource

73 Slides • 53 Questions

1

Intro to economics

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Multiple Choice

What is the definition of a need?

1

Something you would like to have but will be okay without it

2

Something you truly can't live without

3

None of the above

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Multiple Choice

What is the definition of a want?

1

Something you would like too have but will be okay without it.

2

Something you truly can't live without.

3

None of the above

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Multiple Choice

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Which is Starbucks?

1

Need

2

Want

3

Both

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Multiple Choice

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An iPhone 11 is....

1

a need

2

a want

3

both

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Multiple Choice

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Water to drink is an example of...

1

a want

2

a need

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Poll

What are some choices competing for your income?

clothes

Mcdonalds

taco bell

walmart

cars

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Multiple Choice

A taxi taking you to the airport is a good or a service?

1

service

2

good

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Multiple Choice

What is a service?

1

going to church

2

buying something

3

an action that a person does for someone else

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Multiple Choice

A doctor is giving you a check up. Is this a good or service?

1

good

2

service

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Multiple Choice

A good is an object that someone wants or needs and that can be held or touched. True or false.

1

true

2

false

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Multiple Choice

Spending your money on a new watch is a good or a service?

1

service

2

good

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Multiple Choice

If you buy your friend a cupcake are you giving them a good or providing a service?

1

good

2

service

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Multiple Choice

Good or service: Having your yard mowed.

1

service

2

good

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Multiple Choice

What is an example of a consumer?

1

a farmer who grows corn

2

a person who buys books

3

an artist who sells paintings

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Multiple Choice

Which provides both goods and services?

1

A babysitter

2

A post office

3

A bus driver

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What is scarce in this comic?

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Multiple Choice

What is scarce in the Comic?

1

Fathers time

2

Water

3

Work

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Open Ended

What are some possible solutions to solving the worlds' water problem?

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Lets Practice!

Factors of production

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Multiple Choice

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Which factor of production category does this picture belong to?

1

land

2

capital

3

labor

4

entrepreneurship

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Multiple Choice

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Which factor of production category does this picture belong to?

1

land

2

labor

3

capital

4

entrepreneurship

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Multiple Choice

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Which factor of production category does this picture belong to?

1

land

2

labor

3

capital

4

entrepreneurship

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Multiple Choice

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Which factor of production category does this picture belong to?

1

land

2

labor

3

capital

4

entrepreneurship

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Multiple Choice

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Which factor of production category does this picture belong to?

1

land

2

labor

3

capital

4

entrepreneurship

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Multiple Choice

Question image

Which factor of production category does this picture belong to?

1

land

2

labor

3

capital

4

entrepreneurship

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Multiple Choice

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Which factor of production category does this picture belong to?

1

land

2

labor

3

capital

4

entrepreneurship

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Open Ended

According to the video, why does gold cost so much?

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Open Ended

What is the difference between trade-offs and opportunity costs?

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Multiple Choice

What should be the most important factor considered when you make a decision?

1

the Trade-offs

2

the Opportunity Cost

3

the lost opportunities

4

the opinions of others

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Multiple Choice

Because of scarcity, people are forced to make _________ about how to use resources.

1

Choices

2

Opportunities

3

Analyses

4

Investments

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Multiple Choice

A Trade-off is

1

a purchase in a marketplace.

2

an alternative that we sacrifice when we make a decision.

3

any good or service a consumer needs.

4

a factor of production.

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Multiple Choice

What is the most basic problem of economics?

1

scarcity

2

productivity

3

money

4

resources

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Multiple Choice

Economics is the study of money and how to get rich.

1

True

2

False

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Multiple Choice

What is opportunity cost?

1

the value of the next best option that is not selected when a choice is made.

2

there is not enough of it.

3

things people make to earn money.

4

actions people do to earn money.

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Multiple Choice

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If a point lies on the curve this means the company/country/individual is being efficient. If a point lies inside the curve, what does that tell?

1

They are being over efficient

2

They are being inefficient

3

It is not impossible with the given resources

4

They are still efficient, just at another point

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Multiple Choice

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What does point B represent?

1

Production at greater than the country's minimum potential

2

Production is less than the country's minimum potential

3

Production is greater than the country's maximum potential

4

Production at the country's maximum potential

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Multiple Choice

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What does point Y represent on the PPC?
1
Efficiency
2
Unattainable / impossible
3
Inefficency
4
Nothing

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Fill in the Blank

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What is the Opportunity Cost of moving from C to A?

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Fill in the Blank

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What is the Opportunity Cost of moving from B to E?

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Multiple Choice

What is the abbreviation for PPC?

1

Possibility Production Curve

2

Production Possibility Curve

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Production Possible Choice

4

Possibility Production Frontier

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Multiple Select

What does PPC show? Multiple answer.

1

2 products → we can ONLY produce two product per period

2

Efficiency → operate with full employment and full production capacity

3

normative economics

4

various possible combinations of goods and services

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Multiple Choice

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Calculate the opportunity cost if choice A to D?

1

Additional 90 tons of steel

2

Letgo 90 tons of wheat

3

Additional 70 tons of steel

4

Letgo 65 tons of wheat

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Multiple Select

What three basic economic questions must all societies answer? SELECT ALL THAT APPLY

1

What to produce?

2

How to produce?

3

When to produce?

4

For whom to produce?

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Multiple Choice

What three entities make up the circular flow model?

1

businesses, households, and the government

2

Buyers, sellers, producers

3

Local, state, and federal government

4

President Obama, Katy Perry, Waka Flocka

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Multiple Choice

What do businesses provide for consumers according to the circular flow model?

1

goods and services

2

only goods

3

only services

4

taxes

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Multiple Choice

What do households provide to the resource market?

1

land, labor, capital 

2

money

3

people

4

income

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Multiple Choice

A ____ economy is an economic system in which people, families, clans, or tribes produce and distribute goods according to customs.

1

command

2

market

3

traditional

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Multiple Choice

A ____ economy is an economic system in which the government plans and makes all economic decisions.

1

traditional

2

market

3

command

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Multiple Choice

A ____ economy is an economic system in which individual choice and voluntary exchange without government regulations direct economic decisions.

1

traditional

2

market

3

command

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Multiple Choice

A centrally-planned economy is an example of a ____ economy.

1

command

2

market

3

traditional

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Multiple Choice

Socialism and communism are examples of _____ economies.

1

command

2

market

3

traditional

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Multiple Choice

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I have a problem with having enough resources. What basic question of economics solves this? 

1

What to produce?

2

How to produce?

3

When to produce? 

4

For whom to produce? 

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What is Capitalism

  • In this system you and me, the buyers and sellers, make the decisions about our economy in free markets

  • There is little government interference in the economy.

  • However, the government may provide for things like schools, roads, and the military

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Multiple Choice

Who makes the decisions in a captialist economy?

1

The People or Citizens (You and Me)

2

The Government

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How are prices set?

-Prices are determined by what is called "supply and demand".


-That's a fancy term that means we determine prices by what we buy and how much we buy.


-For example if there is high demand for a product or service the price will be high, if there is not the price will be low.

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How are prices set?

-Another example would be if there are a lot of people going out on a date at McDonald's for a Big Mac the price will go higher and more will be made, but if no one is going on a date to White Castle for sliders the demand will be lower and so will the price of the sliders.

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Multiple Choice

How are prices set in a capitalist economy?

1

Prices are set by what people buy and sell

2

Prices are set by the government

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Multiple Select

Check ALL that are the basic questions of economics

1

What will be produced?

2

Who will produce it?

3

How will it be produced?

4

For whom will it be produced?

5

When will production begin?

Intro to economics

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