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WorksheetsUnit 9 Economic Vocabulary Review
Total questions: 90
Worksheet time: 1hrs 16mins
It's December in Michigan and many people need snow boots. There are not many boots available in stores. The supply for boots is ____?____.
Low
High
It's December in Michigan and many people need snow boots. There are not many boots available in stores. The demand for boots is ____?____.
Low
High
Yesterday, a new restaurant opened in town. There was a long line of people waiting to be seated. What was scarce?
People
Food
Seats
What is scarcity?
When there is not enough of something.
what you give up in order to get what you want most.
the amount of a good or service that is available.
How much people want the good or service.
What is Supply?
When there is not enough of something.
what you give up in order to get what you want most.
the amount of a good or service that is available.
How much people want the good or service.
What is Demand?
When there is not enough of something.
what you give up in order to get what you want most.
the amount of a good or service that is available.
How much people want the good or service.
Our school is having a Bake Sale. There are plenty of cookies but the cupcakes are almost gone. What is scarce?
Cookies
Cupcakes
Shoppers
When summer comes it gets much hotter outside. During hot weather, the DEMAND for jackets would be __?__.
High
Low
When you have a lot of an item, the SUPPLY is __?__.
High
Low
When a lot of people want an item, the DEMAND is __?__.
High
Low
The want or willingness a consumer has to purchase a good or a service is called?
The amount of goods or services available for a producer to sell is called?
An individual who purchases (buy) goods.
A drought has made this year's tomato harvest smaller than usual. What will probably happen to the overall supply of tomato sauce?
The supply will probably go up
The supply will probably go down
Weather forecasters predict this summer will be much hotter than usual. What will probably happen to the demand for air conditioners?
The demand will probably go up
The demand will probably go down
What will happen to the price of new cars if a weak economy causes people to have lower incomes?
The price will increase
The price will decrease
What will happen to the price of baby cribs if there is a large increase in the number of babies born?
The price will increase
The price will decarese
What will happen to the price of soccer balls if more and more boys and girls are learning to play soccer?
The price will increase
The price will decrease
What is likely to happen to the price of the sneakers over the next several weeks?
What will happen to the price of T-Shirts if T-Shirt businesses now use machines that produce twice as many shirts in one hour?
The price will increase
The price will decarese
A new video game has just been released before the winter holiday season. This is a video game that many children want. Many parents buy this video game system for their children.
The price throughout December is $249. What is most likely to happen to the price for this video game in January, when the most popular gift buying season is over?
Beaver hats have grown in popularity. There are no more beaver in Europe because they have been over hunted. Supply has gone...
Up.
Down.
Nowhere.
Beaver hats have grown in popularity. There are no more beaver in Europe because they have been over hunted. Demand has gone...
Up.
Down.
Nowhere.
Beaver hats have grown in popularity. There are no more beaver in Europe because they have been over hunted. The price of beaver pelts will go...
Up.
Down.
Nowhere.
Ashley’s company brought a whole wagon load of knives. All the mountain men already own a favorite knife. Supply is...
High.
Low.
Average.
Ashley’s company brought a whole wagon load of knives. All the mountain men already own a favorite knife. Demand is...
High.
Low.
Average.
Silk hats have come into fashion and beaver hats are less popular. Demand for beaver hats has gone...
Up.
Down.
Nowhere.
Silk hats have come into fashion and beaver hats are less popular. Beaver pelt prices will go...
Up.
Down.
Nowhere.
SCARCITY
RIVALRY BETWEEN COMPANIES THAT WANT YOUR BUSINESS
SOMETHING THAT IS VERY EXPENSIVE
TOO MUCH OF SOMETHING
LIMITED RESOURCES FOR UNLIMITED WANTS
SUPPLY
NOT HAVING ENOUGH OF SOMETHING
HOW MUCH OF SOMETHING IS WANTED OR NEEDED
HOW MUCH OF SOMETHING IS AVAILABLE
THINGS DONATED TO CHARITY
DEMAND
HOW MUCH OF SOMETHING IS WANTED OR NEEDED
AN ORDER FROM YOUR TEACHER
A VIDEO YOU GET FROM NETFLIX
HOW MUCH OF SOMETHING IS AVAILABLE
ECONOMIC COMPETITION
THORNTON ACADEMY BEATS BIDDEFORD
RIVALRY BETWEEN COMPANIES FOR YOUR BUSINESS
HOW MUCH OF SOMETHING IS AVAILABLE
RAISING THE PRICE OF A PRODUCT
CONSUMER
A SHARK EATS SMALLER FISH
SOMEONE WHO USES GOODS AND SERVICES
SOMEONE WHO EATS TOO MANY HOT DOGS
SOMEONE WHO SELLS THINGS AT A STORE
BARTER
A place where stocks are bought and sold
To trade without using money
A place to keep your money safe
Government owns all property and businesses
What is a good?
Teacher
When something is in low supply.
Things people make or grow to sell.
What is an example of a service?
Needs
Walking a dog
A want is...
Something you NEED to survive
A brand new Iphone!
What do you need?
Water-Air-Candy
Food- Shelter-Air-Water
New clothes
Popcorn
What is the definition of a producer?
Someone who sells goods and services.
The amount of goods or services available to the customers.
Raw materials from the land.
What does a consumer do?
Creates goods!
Buys goods!
Destroys goods!
How would you describe trying to find hand sanitizer during covid?
Scarcity
Service
Natural Resources are....
Computers
Mugs
Mountains
Who is a Human Resource?
Mom
Computer
Pencil
Books
I went to lunch and got to choose what to eat, I choose apples instead of peaches. What is my opportunity cost?
Apples
Peaches
Popcorn
Chips and Salsa
the money used in a country to buy and sell goods and services
traditional economy
free market
surplus
currency
A financial gain, esp. the difference between the amount earned and the amount spent in buying, operating, or producing something
free trade zones
currency
profit
surplus
more than what is needed or expected
currency
5 Year Plan
surplus
currency
What is the definition of SUPPLY?
The amount of something that is available.
How much a product is wanted or needed.
Someone who prepares or makes goods and services.
A person who buys and uses up goods.
What is the definition of DEMAND?
The amount of something that is available.
How much a product is wanted or needed.
Someone who prepares or makes goods and services.
A person who buys and uses up goods.
What is the definition of PRODUCER?
The amount of something that is available.
How much a product is wanted or needed.
Someone who prepares or makes goods and services.
A person who buys and uses up goods.
What is the definition of CONSUMER?
The amount of something that is available.
How much a product is wanted or needed.
Someone who prepares or makes goods and services.
A person who buys and uses up goods.
What is a MARKETPLACE?
The amount of something that is available.
Someone who prepares or makes goods and services.
Items you buy such as clothes, food, and toys.
An open place where sales are held.
What are GOODS?
The amount of something that is available.
Someone who prepares or makes goods and services.
Items you buy such as clothes, food, and toys.
An open place where sales are held.
What are SERVICES?
An open place where sales are held
A plan for using money.
An action that a person does for someone else.
The amount of something that is available.
What is a BUDGET?
An open place where sales are held
A plan for using money.
An action that a person does for someone else.
The amount of something that is available.
Kelly sells Barb a friendship bracelet she made. The FRIENDSHIP BRACELET is an example of...
a service
a good
a consumer
a producer
Kelly sells Barb a friendship bracelet she made. KELLY is an example of...
a service
a good
a consumer
a producer
Kelly sells Barb a friendship bracelet she made. BARB is an example of...
a service
a good
a consumer
a producer
Tim mows Mr. Becker's lawn for $10. MOWING THE LAWN is an example of...
a good
a service
a producer
a consumer
Which of these is a SERVICE?
Cutting someone's hair
a book
stuffed animals
a video game
Which of these is a GOOD?
mowing someone's lawn
cutting someone's hair
walking someone's dog
an iPhone
Which of these foods might have the greatest DEMAND among third graders?
brussel spouts
nachos
broccoli
fish
____ are things we purchase.
budget
goods
services
supply
_____ are things we pay people to do for us.
services
goods
interest
income
____ is money we earn.
consumer
decrease
income
taxes
____ is a fee we pay to borrow money or money earned for investing it.
scarcity
production
supply
interest
A _____ is a plan for spending and saving money.
caramel
income
distribution
budget
____ is how much people want a product.
goods
wants
demand
scarcity
____ is how much of a product is available.
supply
consumer
producer
product
______ are fees that are paid to the government that help pay for community services.
taxes
interest
entrepreneur
distribution
_____ is the lack of a specific resource.
scarcity
income
budget
supply
_____ is the making of a product to be sold.
distribution
production
consumer
supply
____ is the sending out of a product for people to purchase.
production
distribution
income
sales
Henry Ford was a famous ______ that started his own company.
entrepreneur
consumer
producer
income
______ started his career as an artist.
Henry Ford
Walt Disney
Milton Hershey
Steve Jobs
__________ was the co-founder of the Apple company.
Steve Jobs
Henry Ford
Milton Hershey
Walt Disney
Milton Hershey started out making ______ candy before he made chocolate.
caramel
sour
lollipop
gum
If a company has a large supply and low demand, prices are going to ____
increase
decrease
If a company has a low supply and a high demand, prices may ______
increase
decrease
stay the same
A _________ is someone that buys a product.
producer
consumer
entrepreneur
A ______ is someone that makes a product.
consumer
producer
entrepreneur
