Unit 5 - American Government: Economics

A person or organization that uses a product or service is a(n):

• consumer
• economist
• loan shark
• debtor

House: Goods or Service?

• Goods
• Service

Doctor: Goods or Service?

• Goods
• Service

What is a need?

• Nothing
• Something you have to have to live
• Something you would like to have
• Ice cream

Tags

CCSS.RI.8.2

CCSS.RL.11-12.2

CCSS.RL.9-10.2

CCSS.RI.7.2

CCSS.RL.8.1

What is a want?

• A person
• Something you would like to have but don't need to live
• Purple
• Something you need to live

Tags

CCSS.RI.8.2

CCSS.RL.11-12.2

CCSS.RL.9-10.2

CCSS.RI. 9-10.2

CCSS.RI.11-12.2

What do you need to produce other goods and services?

• consumer goods
• capital goods
• nondurable goods
• Gross Domestic Product (GDP)

Gross Domestic Product (GDP) refers to the dollar value of all final goods, services, and structures produced anywhere in a single year for a country.

• True
• False

What is a high price a signal for?

• government to enact price controls
• producers to offer less & consumers to buy more
• producers to offer more & consumers to buy less
• suppliers to reduce sales until prices peak

When the quantity supplied is greater than the quantity demanded

• a shortage has occurred.
• a surplus has occurred.
• it doesn't mean anything.
• government intervenes.

Trying to satisfy unlimited wants with limited resources defines _____ and is the fundamental problem of economics.

• scarcity
• needs
• wants
• microeconomics