Monday, March 25th Lesson

Monday, March 25
Economics Review

No notes! Do your best as you review the material we have learned in our Economics unit!

You are receiving credit for going through the lesson in its entirety and answering questions along the way :)

LET'S BEGIN!!

Please be kind & respectful
to your substitute today.
I will see you tomorrow!
~Mrs. Collins

Multiple Choice

Economics is a ___ science that focuses on people and ___.

• FINANCIAL SCIENCE

  MONEY

• SOCIAL SCIENCE

  CHOICES

• SOCIETY SCIENCE

  SUPPLY & DEMAND

• GLOBAL SCIENCE

  WANTS

Open Ended

Why do we have to make choices?

Multiple Choice

The Economic Problem is

• We have unlimited wants and limited resources.

• We have unlimited resources and limited wants

• We have unlimited demand and limited supply.

• We have unlimited wants and limited choices.

Open Ended

What have you learned in this unit that you didn't expect to when we first started?

Multiple Choice

Adam Smith is considered thee "father" of Economics. What type of Economics system did he believe in?

• Command Economy

• Market Economy

• Traditional Economy

• Mixed Economy

Open Ended

Do you think the Government should be involved in a country's economic system?

Explain why or why not.

Multiple Choice

Which is NOT an Economic Resource?

• Natural resources

• Human resources

• Capital

• Supply & Demand

Multiple Choice

Which is NOT one of the 3 questions:

•  What product & services should an economy provide?

•  How should product & services be produced?

• Who should the product & services be produced for?

• How much of a product or service should an economy provide?

Multiple Choice

Which Economic system is NORTH KOREA?

• Mixed Economy

• Command Economy

• Market Economy

• Traditional Economy

Multiple Choice

What Economic System is the U.S.

• Market Economy

• Mixed Economy

• Traditional Economy

• Command Economy

Multiple Choice

Right now in the world, most countries are a MARKET economy.

• TRUE

• FALSE

Open Ended

What could be an example of an External Shift?

Multiple Choice

When graphing supply & demand, the demand curve slopes

• Downward

• Upward

Multiple Choice

Demand is seen through the eyes of the

• Consumer

• Producer

• Economy

• Marketplace

Multiple Choice

The Supply curve slopes UPWARD becasue

• The higher the price the less consumers demand

• The higher the price the more motivation producers have to make more

• The more quantity supplied means price will be lower

• The less quantity supplied the more consumers will pay

Multiple Choice

Not having enough of something to fulfill the demand would be

• SURPLUS

• SCARCITY

• SUPPLY

• DEMAND

Open Ended

From everything that was on the review today,

what is 1 area or concept that you think you need to review more?

You have finished the lesson!!

Please find something to work on and thank you for being respectful & kind to your substitute today. I will see you tomorrow!
~Mrs. Collins