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EPF: Module 2 (25-26)

EPF: Module 2 (25-26)

Assessment

Presentation

•

Social Studies

•

12th Grade

•

Easy

Created by

Gabriel Al-Shaer

Used 5+ times

FREE Resource

52 Slides • 37 Questions

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Open Ended

Why do prices change — and what does that mean for what we buy and sell?

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Open Ended

Reading Log: What decision or tradeoff is highlighted in today’s reading?

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Open Ended

Explain how fixed costs and variable costs contribute to the total cost of producing a good or service.

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Multiple Choice

Which of the following best describes the difference between price and cost?

1

Price is what the consumer pays; cost is what the producer spends to make the product.

2

Price is always higher than cost.

3

Cost is what the consumer pays; price is what the producer spends.

4

Price and cost mean the same thing.

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Open Ended

What all goes into the creation of a cheeseburger? What is the cost of each of those components? Take 5 minutes and discuss with your group

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Open Ended

Compare the change in the cost of the beef patty from 1985 to 2015. What factors might explain this increase?

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Fill in the Blank

The total cost of a cheeseburger in 1985 was ___

$
.

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Multiple Select

Which of the following are considered variable costs in the production of a cheeseburger?

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Beef patty

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Electricity used to cook

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Monthly rent for the restaurant

4

Lettuce

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Multiple Choice

Why might the price of a Five Guys burger be higher than a Hwy 55 burger, even if the ingredients are similar?

1

Five Guys uses higher quality ingredients.

2

Five Guys has higher operating costs.

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Five Guys offers larger portion sizes.

4

Five Guys spends more on advertising.

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Multiple Choice

Which category represents the largest portion of the true cost of a burger?

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Cost of Food

2

Fixed Costs

3

Hourly Labor

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Profit

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Open Ended

Explain how opportunity cost can influence a person's decision when choosing between three different activities, as shown in the image.

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Multiple Select

Which of the following are examples of opportunity cost?

1

Giving up a summer internship to spend time with friends

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Buying a chicken sandwich instead of a burrito bowl

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Studying for an economics test instead of going to an amusement park

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Waiting in line for a free t-shirt instead of watching funny videos

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Open Ended

Is the opportunity cost of studying on a Tuesday night the same as a Saturday night? Why or why not?

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Open Ended

How does the concept of opportunity cost explain airlines offering increasing amounts of money to bump customers off overfilled flights?

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Open Ended

Why do we want what we want — and how does that shape what’s on the shelves?

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Open Ended

What choices (tone, examples, word choice) shape your understanding?

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Fill in the Blank

Demand refers to consumers' desire, willingness, and ___ to buy a good or service.

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Multiple Select

Select all the conditions that must be met for demand to exist.

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Consumer wants a good or service

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Consumer is willing to pay for a good or service

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Consumer is able to pay for a good or service

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Consumer must sell a good or service

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Multiple Choice

Which of the following is NOT a necessary condition for demand to exist?

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The consumer must want a good or service

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The consumer must be willing to pay for a good or service

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The consumer must be able to pay for a good or service

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The consumer must sell a good or service

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Open Ended

Explain the difference between 'demand' and 'quantity demanded' using an example.

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Multiple Choice

Which of the following statements best describes a demand schedule?

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A list of prices and the quantity of a good people are willing to buy at those prices

2

A list of goods and their prices

3

A list of consumers and their willingness to pay

4

A schedule of supply for a product

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Multiple Choice

What does the demand curve show in economics?

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The relationship between price and quantity demanded

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The relationship between supply and demand

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The relationship between income and expenditure

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The relationship between cost and profit

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Open Ended

Explain how plotting the demand schedule on a graph helps in understanding consumer behavior.

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Multiple Choice

Using the demand schedule and graph, what is the quantity demanded when the price is $7?

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15

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25

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35

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Multiple Choice

Which of the following factors can cause the demand curve to shift to the right?

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Decrease in consumer income

2

Increase in number of consumers

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Decrease in consumer taste for the product

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Increase in price of the product

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Multiple Choice

When the demand curve shifts to the right, what happens to the quantity demanded at the same price?

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It increases

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It decreases

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It stays the same

4

It becomes zero

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Open Ended

Callback to LEQ: what is demand, and in what ways might demand shift according to consumer behaviors?

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Open Ended

Quick review: what is demand, and what are some causes of demand shifts?

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Multiple Choice

Demand increases on a demand schedule. Which way does the graph shift?

1

Right

2

Left

3

Up

4

Down

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Open Ended

What is supply?

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Open Ended

Explain at least one of the previous causes of supply shifts.

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Open Ended

In brief, explain EITHER equilibrium, surplus, or shortage.

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Open Ended

In review, how do supply and demand interact?

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Open Ended

In at least one paragraph, reflect on what we had the chance to go over this week

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Open Ended

What do you feel most confident about in your understanding? What would you like to continue to work on?

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Open Ended

What principle of cost, supply or demand could you find in your readings this week?

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Open Ended

Finally, what's a song you've been feeling lately that you'd like to add to the class playlist?

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