Economics Review

Ava and Ethan are running a lemonade stand. They are learning about the study of people producing and exchanging money to get the goods and services they want, which is called _________.

• Economics

• Biology

• Geography

• Chemistry

Elijah runs a lemonade stand and wants to know how many cups of lemonade he should prepare to sell at different prices. This quantity of lemonade he will offer for sale at different prices is called __________.

• Supply

• Demand

• Revenue

• Profit

William is starting a small bakery and needs to understand the basic elements used to produce goods and services. These elements are called _________.

• Resources

• Profits

• Consumers

• Markets

Rohan was trying to buy a limited edition toy that was difficult to find or get. This toy is an example of _________.

• Scarcity

• Abundance

• Commonality

• Plenty

In a small town, there is only one bakery owned by Noah that sells bread. This market situation is called a _________

• Monopoly

• Oligopoly

• Duopoly

• Perfect Competition

Aiden wants to buy a book from a store. The store accepts anything in payment for goods and services. What is this medium of exchange called?

• Money

• Barter

• Credit

• Token

Abigail recently invested in a company and received a certificate indicating her share in the ownership of the corporation. This share is called _________.

• Stock

• Bond

• Dividend

• Loan

Grace runs a small bakery. After paying for all her ingredients, rent, and other expenses, the money she has left is called _________.

• Profit

• Revenue

• Liability

• Asset

Aria works at a local coffee shop. Payment for her work is called _________.

• Wages

• Rent

• Interest

• Profit

Aria is planning her monthly expenses and savings. What is the plan she creates called?

• Budget

• Loan

• Invoice

• Receipt