Economics Review

What kind of economy does the United States have?

• command

• free

• market

• supply

What does an eye doctor specialize in ?

• feet

• eyes

• back

• ears

Who did Grandpa compete with in Grandpa's Corner Store book?

• The New Supermarket

• the students at school

• His family

• The car store

What is an example of a positive incentive?

• supply

• fine

• demand

• coupon

When there are many toys on the shelves in the store the supply is

• high

• low

High demand on a video game could cause the price to go _____

• up

• down

• stay the same

When Walmart lowers their price of a toy compared to Amazon this causes a ______

• incentive

• specialization

• private property

• competition

True or False

Division of Labor is dividing up work

• True

• False

Why do factories use division of labor? Two answers

• Products will be made slower

• The quality of product will decrease

• Products will be made faster

• The quality of product will increase

When the copper mines closed in the UP, what did this cause with jobs?

• unemployment

• employment