Economics Review

In what type of economy do they use barter to get what they need or want?

• Mixed

• Traditional

• Market

• Command

What is an incentive?

• A price you pay for a good

• The supply of a good

• A cost or benefit that motivates someone to do/not do something

• The grades you get on tests

Choose 2 materials someone would need when making bread?

• Yeast

• Flour

• Rolling Pin

• Oven

What is an export?

• A good that is sent out of a country

• A good that is taken into a country

A company is offering their workers 3 extra days vacation if they make at least 15 tables a day. What kind of incentive is this and why would the company do this?

• Positive - to get their workers to produce more tables

• Negative - to get their workers to produce more tables

• Positive - to be sure everyone has a table to sit at for dinner

• Negative - to be sure everyone has a table to sit at for dinner

A baker is an example of a capital resource. True or False?

• True

• False

What does surplus mean?

• When you have to pay taxes on goods

• When you go and trade with another person

• When there is extra (too much) of a certain product

• When there is not enough of a product to go around

If the demand for a product goes up, the price...

• Goes up

• Goes down

• Stays the same

In what type of economy does the government have a say in most things that are done?

• Mixed

• Traditional

• Market

• Command

When making a car, which two of these are examples of labor resources?

• Pressing Machine

• Engineer

• Machine technician

• Paint