Economics Review

The money that you keep to use later is called __________.

• your stash

• your savings

• your lucky dollars

Which one of the following is a NEED?

• movie tickets

• warm clothes

• a new bike

• an iphone

When you keep your money to spend later, you ______ it.

• save

• spend

If you are making a choice between buying a bike or a scooter, what do you call the thing you DO NOT pick?

• decision

• opportunity cost

• the loser

Treyvon has a basketball. Drake has a football. Treyvon wants a football and Drake wants a basketball. What can they do so they each get the ball they want?

• draw a picture of the ball they want

• barter (trade) for the ball they want

• take the other persons ball without asking

Michigan grows apples. California grows oranges. How can people in Michigan get oranges while people in California get apples?

• Michigan can trade apples for oranges from California.

• Michigan can trade apples for corn from Illinois.

• California can get oranges from Michigan.

What do you call the money that you borrow from a bank?

• a service

• a tax

• a loan

• a savings account

Government workers are paid with money called ________.

• taxes

• a present

• a fine

Look at the flow chart. What happens in the third step?

• The woman makes lemonade.

• The woman sells the lemonade to a consumer.

• The woman picks lemons.

• The woman drinks the lemonade.

Look at the chart. If you choose the trip to the park, what is the opportunity cost?

• You can't ride your bike.

• You can't play outside.

• You can't share the game with friends.

• You can't spend $0.