End of Unit Review - Economics for Kids: How Our Communities Work and Grow

Multiple Choice

How does scarcity influence the decision-making process of consumers?

• Scarcity allows consumers to purchase everything they desire.

• Scarcity forces consumers to evaluate their options and make trade-offs.

• Scarcity has no impact on consumer decisions.

• Scarcity leads to an increase in consumer spending.

Multiple Choice

Who is affected by the condition of scarcity?

• The rich

• Large economies

• All societies

• Producers (ie: businesses)

Multiple Choice

What is a human resouce?

• People who work to make a goods or services.

• Things that come from nature.

• A factory machine.

• A good used to make other goods.

Multiple Choice

What are the main differences between goods and services?

• Goods are intangible, services are tangible

• Goods are physical items, services are work done for others

• Goods are always free, services require payment

• Goods cannot be touched, services can be touched

Multiple Choice

What are the characteristics of a market economy as described in the image?

• People and businesses make most decisions

• Prices are fixed by the government

• Competition is discouraged

• People cannot choose what to buy

Multiple Choice

Which of the following would cause a movement along the demand curve for a good?

• A change in consumer income.

• A change in the price of the good.

• A change in consumer preferences.

• A change in the price of a substitute good.

Open Ended

What are some current forms of money and how do people still engage in bartering?

Open Ended

How do incentives affect your choices?

Open Ended

Why don't countries produce everything they need? (Essay)

Multiple Choice

What were the main components of Washington's economy in the past?

• Trading with other tribes

• Using natural resources

• Bartering instead of using money

• All of the above

Multiple Choice

This Tribe used a bartering system at their marketplaces.

• Mayan

• Aztec

• Inca

• Iroquois

Multiple Choice

This tribe uses cocoa beans to pay their taxes.

• Mayan

• Aztec

• Inca

• Iroquois

Multiple Select

Name an important industry of Washington State.

• Fishing

• Farming

• Insurance

• Lumber

Multiple Choice

What services does the government provide that are paid for by taxes?

• Schools and libraries

• Parks and playgrounds

• Police and fire protection

• All of the above