Economic Markets Lesson

Open Ended

Can you think of an example of a product that that has limited supply and unlimited demand?

Multiple Choice

Why does scarcity occur?

• Scarcity occurs because resources are greater than wants and needs

• Scarcity occurs because taxation percentages are greater than income

• Scarcity occurs because manufacturing supply is greater than demand

• Scarcity occurs because needs and wants are greater than resources

Multiple Choice

Which is an example of a renewable resource?

• Oil

• Trees

• Coal

• Gold

Multiple Choice

A friend gives you a free ticket to a concert. What is your opportunity cost of going to the concert?

• zero because the ticket was a free gift from your friend

• whatever you would have done had you not attended the concert

• the price listed on the ticket

• whether or not you enjoy yourself at the concert

Open Ended

The ticket your friend gave you is to a Pentatonix Christmas concert. Think of an example of an opportunity cost that would be worth it to you (i.e. something you'd be willing to miss) and an opportunity cost that would not be worth it (i.e. something you wouldn't miss for the concert).

Multiple Choice

What is the basic goal of all economic systems?

• to decide how to use limited resources to meet unlimited wants and needs

• to supply enough resources to meet people's unlimited needs

• to monitor the safety of goods and services produced by businesses

• to sustain traditional methods of living such as farming and herding

Multiple Choice

Traditional economies rely heavily on __________ to meet the needs of citizens.

• farming and agriculture

• farming and manufacturing

• manufacturing and agriculture

• agriculture and services

Multiple Choice

In a Market Economy, who owns the Factors of Production?

• Individuals

• The government

• The president

• The military

Multiple Choice

Which of the following is quaternary job?

• auto mechanic

• coal miner

• bank clerk

• college professor

Multiple Choice

Which factor of production can be defined as "the physical and mental human effort put forth to produce goods and services"?

• labor

• captial

• entrepreneurship

• land

Open Ended

After learning this definition of industry, what do you think we mean by "agricultural economy" and "industrial economy"?

Draw

Draw a dream shopping mall for your family. Think of three stores that individual members of your family would enjoy, and add one store or activity that your family would enjoy together.