Economics - 5th Grade

This is the amount of product available.

• Demand
• Scarcity
• Opportunity Cost
• Supply

If there are 25 students that need a social studies textbook, but the teacher only has 20, this is an example of what?

• Demand
• Scarcity
• Opportunity Cost
• Supply

A new toy came out before the holidays and they cannot keep enough on the shelves! This is an example of:

• High Supply
• High Demand
• Low Supply
• Low Demand

If Susan is trying to sell lemonade for $1.50 per glass, what is one way she could get more customers?

• Raise her price
• Give it away for free
• Yell at people to buy her lemonade
• Lower her prices

Morgan is selling her paper clip bracelets at the economics fair. She is selling out very quickly! What should Morgan do to the price of the bracelets?

• Lower the price
• Have a deal: Buy one get one free
• Raise her price
• Shut down her stand for awhile

There are some clothes on the sale racks at Target that have been there for over a month. This is an example of:

• Scarcity
• Low demand
• High Supply
• High demand

Emily has the choice between buying her new favorite movie on DVD or getting the new pair of sandals she has been wanting. If Emily chooses the shoes, what is her opportunity cost?

• The shoes
• The DVD

Someone that provides a good or service is know as the _______.

• consumer
• seller
• buyer
• producer

Someone that buys a good or service is known as the _______.

• consumer
• seller
• buyer
• producer

Roger is trying to make some money mowing lawns. He posted flyers on his street, but has only gotten a few customers. What could he do in order to get more customers?

• Mow lawns without asking, then ask for money.
• Choose a different service to sell.
• Post flyers on other nearby streets.
• Stop mowing lawns.