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The Market Economy

The Market Economy

Assessment

Presentation

Social Studies

Practice Problem

Easy

Created by

Joanne Beaver

Used 2+ times

FREE Resource

11 Slides • 22 Questions

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Drag and Drop

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Private Property

something gives you the right to ​
and ​
it. Profit ​ would be ​
without the right to own property. ("Property" here means both tangible ​
and land.)
Drag these tiles and drop them in the correct blank above
Owning
Buy
Sell
not possible
goods

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Incentives/Self-Interest

Use the reading on pages 79 -
80 to complete the blanks on
the right. Questions, page 81

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5

Word Bank

Buyers
Desire
Needs
Profit
Wants

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Dropdown

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Incentives/Self-Interest

People's own ​ ​
motivates them to produce, in the hope of making a ​
. Self-interest is also an incentive for ​
, who seek to fulfill their ​
and ​
at the best price possible.

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Drag and Drop

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Markets and Prices

Buyers and sellers freely ​
goods and services on the ​
. The market forces of ​
and ​
determine what ​
will be.
Drag these tiles and drop them in the correct blank above
exchange
open market
supply
demand
prices

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Drag and Drop

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Freedom of Choice

People are free to ​
what to ​
and ​
. The choices producers and consumers make determine what ​
and ​
are available
Drag these tiles and drop them in the correct blank above
choose
buy
sell
goods
services

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Drag and Drop

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Competition

Producers ​
with each other for ​
by trying to produce goods and services that will be most ​
to consumers. This leads to innovation (​
) and better (​
.
Drag these tiles and drop them in the correct blank above
compete
profit
desirable
better
deals

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Drag and Drop

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Limited Government Role

The ​
does not make rules about ​
and ​
gets produced. The government's main role is to make sure the market is ​
and producers have a chance to ​ __
.
Drag these tiles and drop them in the correct blank above
government
selling
what
open
compete

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For each of the following situations, identify what term best shows the situation. Use page 43 as a word bank.

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Multiple Choice

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Maria goes to the store and buys a new backpack shows:

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Consumer

2

Competition

3

Scarcity

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Multiple Choice

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Tyler mows lawns and does yard work for $10 per hour. This shows

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Supply and Demand

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Consumer

3

Producer

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Multiple Choice

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Gas Station A sells gas for $3.75/gallon. Across the street, Gas Station B sells it for $3.74. Gas Station A lowers its price to $3.74. This shows

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Supply and Demand

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Competition

3

Scarcity

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Multiple Choice

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A car company made thousands and thousands of cars this year, but people haven't been buying as many cars. The car dealer lots are full. This shows

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Competition

2

Scarcity

3

Supply and Demand

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Multiple Choice

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Liam spends $10 on lemonade mix and ice. On a hot day, he sets up a lemonade stand in his yard. At the end of the day, he has sold $20 worth of lemonade. This shows

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Producer

2

Scarcity

3

Profit

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Multiple Choice

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Erin could make $24 this afternoon babysitting, or she could attend her grandma's birthday party. She decides to attend the party. She doesn't get the money, but her grandma is thrilled. This shows

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Opportunity Cost

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Scarcity

3

Supply and Demand

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Multiple Choice

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It's holiday time, and the hottest toy of the year sells out. People are paying ten times what it's worth online. This shows

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Supply and Demand

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Scarcity

3

Producer

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For each of the following situations, consider if there is an incentive for the action - it's a smart move. Or, if there is a disincentive for the action - it's not a smart move.

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Multiple Choice

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Jason is thinking of getting some raspberries, but they're out of season and cost $6 for a tiny box.​ ​ ​ ​


​ ​ ​​

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Disincentive to buy

2

Incentive to buy

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Multiple Choice

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Acme, Inc. is thinking of making touch-screen computers. It can make computers for $500 each and sell them for $2,000 each. ​ ​


​ ​ ​​

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Disincentive to produce

2

Incentive to produce

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Multiple Choice

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Beta, Inc. is thinking of making cars that run on water. It will cost $100,000 to make one car, but people won't pay more than $40,000 to buy one.


​ ​ ​​

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Disincentive to produce

2

Incentive to produce

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Multiple Choice

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Ann's house needs a new roof. She is thinking of doing the project this weekend with the help of her family. Roof shingles just went on sale for half price.


​ ​ ​​

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Disincentive to produce

2

Incentive to produce

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Multiple Choice

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Dr. Smith is thinking of opening a dentist office in Centerville. Right now the nearest dentist is in the next town, 40 miles away.


​ ​ ​​

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Disincentive to produce

2

Incentive to produce

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Open Ended

Sam’s boss called to offer her an extra shift tonight.  Sam wanted the money, but she’s got a big swim meet tomorrow and needed sleep.  She told her boss to offer the shift to someone else.  

The opportunity cost was:


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Open Ended

  1. Jason can put his money in a savings account and earn about 12 cents in interest this month, or he can loan it to Matt, who says he’ll return the money plus $20 at the end of the month.  He loans it to Matt.

The opportunity cost was:


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Open Ended

  1. Lacey designs dresses.  She can keep designing casual dresses that bring $65 but are easy to sell, or she could design formal gowns that sell for $500 but must be high fashion.  She takes a risk on formal gowns.

The opportunity cost was:


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Open Ended

  1. If Zephyr, Inc. spends $2 million buying out its main competitor, it can earn $3 million in new sales.  If it spends $2 million designing a new airship, it might make $4 million if it can sell 10 ships.  It buys the competitor.

The opportunity cost was:


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