Economics 101 for Second Grade

Question 1

A good is...

Accepted Answer

items/things that are made or grown

Question 2

Choose all the services below.

Accepted Answer

a dog walker, a lawn mowing company

Question 3

When the new i-Phones came out the older version went on sale. What is the supply and demand?

Accepted Answer

Low Demand & High Supply

Question 4

During Christmas the most popular toy increases in price. What is the supply and demand?

Accepted Answer

High Demand & Low Supply

Question 5

Look at the picture. What kind of resources are in the picture? (You can choose more than one)

Accepted Answer

A Capital Resource, A Human Resource

Question 6

How much customers WANT a good or a service is called _________.

Accepted Answer

Demand

Question 7

The amount of a good or service available to the consumer is called _________.

Accepted Answer

Supply

Question 8

A book came out & the store only got a few. The cost is high. What is the supply and demand?

Accepted Answer

High Demand & Low Supply

Question 9

Choose all the goods below.

Accepted Answer

a teddy bear, an i-pod

Question 10

A service is...

Accepted Answer

work that is done for someone

Question 11

In December sunscreen goes on sale for 50% off. What is the supply & demand for the sunscreen?

Accepted Answer

Low Demand & High Supply

Question 12

A _________ is a person who uses resources to make or provide a service.

Accepted Answer

producer

Question 13

A _________ is a person who buys or uses a good or service.

Accepted Answer

consumer

Question 14

What is economics?

Accepted Answer

The study of how we spend and earn money.

Question 15

Choose all the services below.

Accepted Answer

the dry cleaner, a tutor, a lawer

Question 16

Last year's shoes are on clearance at the shoe store! What is the supply and demand?

Accepted Answer

Low Demand & High Supply

Question 17

A store is running low on Valentine's Day cards in February. What is the supply and demand?

Accepted Answer

High Demand & Low Supply

Question 18

__________ is when there is a very low supply due to a natural disaster.

Accepted Answer

Scarcity

Question 19

During Thanksgiving the price of turkey increases. What is the supply and demand?

Accepted Answer

High Demand & Low Supply

Questions 19