6th Grade Economics - Unit 6 review

Which is the study of the creation, use, and movement of wealth, or how people meet their wants and needs?

• Economics

• Scarcity

• Profit

• Competition

What does it mean to concentrate on making a limited number of goods that they are good at making?

• Opportunity cost

• Specialization

• Producer

• Land

What is the cost of what you gave up in order to get what you wanted most?

• Specialization

• Labor

• Opportunity cost

• Profit

Which is a factor that encourages someone to act in a certain way?

• Capital

• Consumer

• Incentive

• Demand

Which are the natural resources used to make a profit?

• Land

• Labor

• Capital

• Revenue

What is the perfect price and amount of water bottles to sell?

• $3.50 for 50

• $1.25 for 35

• $.75 for 35

• $2.00 for 10

When supply is low and demand is high, what happens to the price?

• It rises

• It falls

• It stays the same

How does a Traditional economy decide how the goods will be produced?

• However the business decides while still following laws.

• However the business decides, usually however will make the best profit.

• However the government wants to produce.

• The way they were produced in the past

How does a command economy decide what should be produced?

• Whatever the government wants to produce

• Whatever they produced in the past.

• What would help the business get a profit and the government produces infrastructure.

• Whatever will help the business get a profit.

How does a market economy decide who will receive the benefits of production?

• Whoever received the benefits in the past.

• Whoever the government decides should benefit.

• Whoever can pay for it gets to have it, and the business makes the money.

• Whoever can pay for it, the people that get welfare, and the government gets taxes.