Economics Review

Open Ended

What is Economics?

Fill in the Blanks

Economics is the study of the choices we make about how to use

resources to produce goods and services that meet our unlimited wants and needs.

Multiple Choice

Which of the following best describes the main focus of economics?

• How people make choices to satisfy their unlimited wants with limited resources

• How to make as much money as possible

• How to avoid making choices

• How to spend money on goods and services

Open Ended

Based on the story about Bubba’s Ice Cream, what is the difference between a good and a service?

Multiple Select

Which of the following are examples of goods?

• Apple

• Teacher

• Teddy Bear

• Waiter

Multiple Select

Which of the following are examples of services?

• Apple

• Teacher

• Teddy Bear

• Waiter

Word Cloud

What's going on here? Can you think of economic terms that could explain it?

Multiple Choice

Based on the chart, which ice cream flavor had the lowest supply at Bubba's Ice Cream?

• Vanilla

• Chocolate

• Strawberry

• Mint chocolate chip

Multiple Choice

If the supply of a product is high but the demand is low, what is likely to happen to the product?

• The price will increase

• The product will sell out quickly

• The price will decrease

• There will be a shortage

Open Ended

Explain the relationship between supply and demand using your own words.

Fill in the Blanks

If Stan hadn’t been so nice to make a different choice, what economic reality would the little boy have fallen victim to?

Open Ended

Which of the following pairs would represent scarcity? Why?

Multiple Select

Select all statements that describe consumers based on the song in the image.

• Consumers are people who buy goods and services.

• Consumers are always satisfied with what they have.

• Consumers' wants never stop.

• Consumers produce goods for others.

Multiple Choice

Who is considered a producer?

• Someone who makes or grows a good or performs a service

• Someone who buys a good or a service

Multiple Choice

Who is considered a consumer?

• Someone who makes or grows a good or performs a service

• Someone who buys a good or a service

Open Ended

Are you a producer or a consumer? Why?

Fill in the Blanks

The item that you don’t pick when making a choice is called the

cost.

Multiple Select

Based on Andy and Sara's choices, which of the following are examples of opportunity cost?

• Andy not buying the skateboard

• Sara not buying the rabbit

• Andy buying the basketball net

• Sara buying the bike

Multiple Choice

What is the definition of profit?

• The positive gain from an investment or business after subtracting expenses

• The total amount of money earned from sales

• The amount of money spent to make a product

• The cost of goods sold

Open Ended

Explain how the toy store owner made a profit from Andy's purchase. Use information from the story to support your answer.

Multiple Choice

Based on the example of the toy store owner and Sara, how much money did the owner lose when selling the bike?

• $15.00

• $80.00

• $65.00

• $5.00

Open Ended

Explain in your own words what a 'loss' is in business. Use the information from the slides to support your answer.

Multiple Choice

Which of the following best describes 'specialization' as explained in the slides?

• When a person or company focuses on one part of a task and relies on others for the rest

• When a person does every part of a task themselves

• When a company only sells one type of product

• When people compete to do the same job

Multiple Select

According to the slides, which of the following statements about interdependence are correct?

• It means people depend on one another

• It is a result of specialization

• It means everyone works alone

• It means people do not need each other

Fill in the Blanks

Fill in the blank: Specialization results in

.

Open Ended

If we are not creating everything ourselves, what must we do to satisfy our wants and needs?

Open Ended

Why are entrepreneurs so essential to the production process?

Categorize

Options (12)

Fertile Soil

Forests

Mineral Resources

Farmer

Secretary

Metal Worker

Computer

Factory

Screws

Founder of Chick-Fil-a

Taylor Swift

Mr. Beast

Organize these options into the right categories

Land/Natural Resources

Human Resources

Capital Reources

Entreprenuers

Word Cloud

What types of goods and services would you associate with a traditional economy or what word would you use to best describe it?

Fill in the Blanks

What is the keyword to look for in the description of an economic system if it is a mostly command economy?

Fill in the Blanks

What is the key phrase that you will look for in the description of how an economy makes decisions if it is mainly market?

Multiple Choice

Which of the following best describes a mixed economy?

• An economy with only government control

• An economy with only private businesses

• An economy that combines elements of both market and command economies

• An economy based solely on tradition

Open Ended

Why should we study different economic systems?  What could this tell us about a country?

Hotspot

Based on what you know about economic systems, where would you place the United States on the Continuum?