Economics Literacy for Grade 5

Opportunity Cost of paying for an iPad instead of a new bike is

• You always get what you want

• You will have less money saved

• You will have more money saved

• the new bike

A grocery store: Human resources needed for this business is

• The cash register

• The self scanner at check out

• The freezers

• Deli worker

A grocery store: Capital resources include (check all that apply)

• money

• cash register

• stock market

• shelves

Someone who provides a service or a good

• Producer

• Consumer

• Capital resources

• Supply

Productive resources supplied by nature are called

• Division of Labor

• Natural resources

• Capital resources

• Human resources

A limited supply of a good or resource

• Producer

• Productivity

• Demand

• Scarcity

Human resources of a school include

• Computer

• Janitor

• Teacher

• Aide or lunch monitor

• Guidance counselor

An especially cold frost has damaged several orange crops in Florida. The effects to the demand and price will be:

• The demand will stay the same and the price of orange juice will increase

• The demand will increase and the price of orange juice will decrease

• The demand will stay the same and the price of orange juice will decrease

A hot and humid summer has set weather records and has extended for several weeks. The effect on supply and price of lemonade stands will be

• Supply will need to increase and price should decrease

• Supply will stay the same and price should decrease

• Supply will need to increase and price should increase

How does division of labor and specialization relate to a company’s productive capacity?

• Productive capacity slows with the number of specialized employees

• Productive capacity increases with the number of specialized employees

• Productive capacity does not change with the number of specialized employees