Economic Literacy

What is called when the planet has limited resources?

• Empty

• Supply

• Scarcity

• Demand

Food and water is an example of?

• Trade-Offs

• Economic Need

• Economic Want

• Scarcity

A new PlayStation 5 and controllers is an example of

• Economic Want

• Economic Need

• Capital

• Resources

The study of choices people make with their money is called?

• Social Studies

• Macroeconomics

• Economics

• Scarcity

The type of economy where consumers are free to choose what to buy.

• Mixed Market Economy

• Traditional Economy

• Market Economy

• Command Economy

Who is a "consumer"?

• People who participate in traditional economies

• Anyone who purchases goods and services

• Business who buy land

• The government spending money on the military

When consumers have both the ability and desire to purchase something, they have this?

• Equilibrium

• Demand

• Supply

• Desire

When producers are willing and able to sell something they will...?

• Create a surplus of stock

• Demand the goods or services

• Supply the goods or services

• Create a shortage of stock

What can change the demand for cereal at the stores?

• It's more expensive for Whataburger to make hamburgers

• A new discovery leads to Coco-Puffs making you smarter

• A hurricane destroys the factories

• Worms are in all boxes of Lucky Charms

What can change the supply of water at the store?

• The government increases taxes on water companies

• Studies have shown water makes you smarter

• Better technology makes it cheaper to produce water bottles

• Bad Bunny sponsors Dasani