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

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

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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 my grandmother gave me 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 as the new school year begins?

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 when I had to choose between visiting the penguin exhibit or the elephant exhibit at the zoo?

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.