How does division of labor increase productivity?

increases the speed of the work because everyone does 1 job

What is an example of interdependence?

US depends on Saudi Arabia for oil

Farmers grow corn in Ohio's climate. How does this specialization affect the farmer's business?

Farmers are able to grow more crops.

Which of the following is an example of interdependence?

People need goods & services provided by other people.

What would be helpful experiences to someone that wants to be an auto mechanic?

take auto mechanic classes, internship with another mechanic

My family wants to buy a new car. What is 1 present & 1 future consequence of this decision?

Present: pay a lot of money Future: save money on fuel

In economics, there are imports and exports. An import is________.

Merchandise shipped from a foreign country.

What creates interdependence?

The needs of one place for goods produced in another place.

How does division of labor affect companies?

It helps them make things faster and for less money.

Which of the following is an example of a US export?

Computer made in US and sold Indonesia.

studbud

Economics Review Game

23 termsStudBud Administration1,070 plays

#socialstudies#economics#5thgrade

Flashcards23 cardsFPractice quizPHost liveL

Questions 23

Answers

1
How does division of labor increase productivity?
decrease the speed of work because everyone does 1 job
increase the speed of the work because they do many jobs
increases the speed of the work because everyone does 1 job
decrease the speed of the work because they do many jobs
2
Many companies today provide just one type of product or service. What is this focus one thing?
specialization
productive capacity
capital goods
technology
3
What is an example of interdependence?
Texas depends on Wyoming for food
US depends on the US to make cars
Ohio depends on Pennsylvania for wood
US depends on Saudi Arabia for oil
4
Examples: Aluminum-can production Rubber- tire production Ex. of which factor of production?
human resources
productive/capital goods
entrepreneurship
natural resources
5
Farmers grow corn in Ohio's climate. How does this specialization affect the farmer's business?
Farmers work longer to grow the same amount of crops.
Farmers are able to grow more crops.
Farm crops are more expensive to grow.
Farm crops in Ohio are lower quality.
6
Which of the following is an example of interdependence?
People often move to places that aren't as crowded.
People grow their own food.
People making their own clothing.
People need goods & services provided by other people.
7
What would be helpful experiences to someone that wants to be an auto mechanic?
go to the zoo
go to the mall
take auto mechanic classes, internship with another mechanic
go to college
8
Which of the following is a service?
haircut
steak dinner
baseball cap
video game
9
My family wants to buy a new car. What is 1 present & 1 future consequence of this decision?
Present:don't buy the car Future:have no way to get to work
Present: pay a lot of money Future: save money on fuel
Present: pay a lot of money Future: pay lots for fuel
Present: pay nothing for the car Future: pay lots for fuel
10
A person hires plumbers. What would the person who does the hiring of contractors be called?
exporter
importer
entrepreneur
consumer
11
What happens to a lumber company's productive capacity when a fire destroys 90% of their trees?
small increase
greatly increased
greatly reduced
stays the same
12
What happens when farmers raise the price of cattle?
People will buy the same amount of beef.
People buy more beef.
People buy less beef.
There will be a shortage of beef.
13
In economics, there are imports and exports. An import is________.
Merchandise shipped from a foreign country.
A tax on goods shipped to a foreign country.
A tax on goods shipped from a foreign country.
Merchandise shipped to a foreign country.
14
What creates interdependence?
The overdevelopment of land.
The needs of one place for goods produced in another place.
Low demand for goods that are in great supply.
Lack of government control over the economy.
15
What is the following an example of: US gets lumber from Canada and Canada gets fruit from US?
division of labor
interdependence
opportunity cost
entrepreneurship
16
A truck represents which type of productive resource?
entrepreneurship
productive/capital good
human resource
natural resource
17
How does division of labor affect companies?
It raises the price and the quality
It slows down production and costs more money.
It helps them make things faster and for less money.
It lowers the quality and safety of the products.
18
What happens when companies specialize?
quality goes down
production goes down
production goes up
production stays the same
19
There are many different types of economic systems. The US economy is based on a______.
Free enterprise system
Traditional System
Socialist System
Communist System
20
Which of the following is used to mean a limited supply of goods?
surplus
economics
allocation
scarcity
21
Which career would it be helpful to take a lot of Science classes to prepare for?
Bus Driver
Author
Basketball Player
Veterinarian
22
Why does Maine specialize in fresh fish?
close to a water faucet
close to a stream
close to a lighthouse
close to the ocean
23
Which of the following is an example of a US export?
Computer made in US and sold Indonesia.
Car made and sold in Mexico.
Radio made and sold in US.
TV made in China sold in US.

Economics Review Game Flashcards | StudBud