Economics Flashcard (Scarcity, Supply/Demand, Opportunity Cost)

Flashcard
•
Financial Education
•
4th Grade
•
Hard
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9 questions
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1.
FLASHCARD QUESTION
Front
What was scarce?
Back
The waiters were scarce.
2.
FLASHCARD QUESTION
Front
What is my opportunity cost if I decide to use the $10.00 given by my grandmother for a new toy instead of a movie ticket?
Back
Your opportunity cost is the movie ticket.
3.
FLASHCARD QUESTION
Front
What is supply?
Back
Supply is the amount of a good or service that is available.
4.
FLASHCARD QUESTION
Front
Which correctly describes the supply and demand of the markers and crayons?
Back
The supply of markers and crayons is low and the demand is high.
5.
FLASHCARD QUESTION
Front
How will the shortage of markers and crayons affect their price?
Back
The price of the markers and crayons will increase.
6.
FLASHCARD QUESTION
Front
What is competition?
Back
Competition is when businesses sell the same good or service.
7.
FLASHCARD QUESTION
Front
What is the example of making a choice between visiting the penguin exhibit and the elephant exhibit?
Back
opportunity cost
8.
FLASHCARD QUESTION
Front
Which correctly describes the supply and demand of the winter coats?
Back
The supply of winter coats is high and the demand is low.
9.
FLASHCARD QUESTION
Front
How will the leftover winter coats affect their price in April? Options: The price of the winter coats will increase., The price of the winter coats will decrease., The price of the winter coats will stay the same.
Back
The price of the winter coats will decrease.
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