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Play Dough Economics Flashcards | StudBud
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Play Dough Economics
Play Dough Economics
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#grade 6 #Play Dough Economics #Economics #Practice Test
Flashcards
21 cards
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Practice quiz
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Questions
21
Answers
1
What is a service?
not enough goods and services to go around
people who purchase items
tangible items that result from production
nonphysical results of production that must be consumed ASAP
2
Which of the following is an example of capital
tractor
oil
work
water
3
The people that make goods and services are called...
creators
consumers
bosses
producers
4
What strategy increases the demand of a good or service?
people buying something other than the thing being sold
an increase in price of the good or service
a successful advertising program
people loosing their jobs
5
When buying a toy from the toy store there will always be an opportunity cost.
False
True
6
Supply and demand determines the market price of a good or service.
True
False
7
What is economic productivity?
a plant making its own energy
producing something in an efficient manner
money
demanding something be done
8
When you specialize...
fewer things will be made
the good or service will cost more
not doing your job can slow down production
you must learn several types of jobs
9
What is opportunity cost?
carpe diem
your best choice
the best thing you give up when you choose something
the price of your best choice
10
Scarcity is best defined as...
everyone has what he or she wants
being out of milk
there is not enough for everyone to have their wants
no one wants it
11
Which of the following are the three basic kinds of productive resources?
natural, human, and capital resources
human, mechanical, and capital resources
natural, human, and mechanical resources
human, capital, and financial resources
12
Human capital is...
is not important when creating a good or service
just a warm body in a chair
gained through education and training
not a productive resource
13
What is profit?
money owed
the amount of money left over after the cost of production
the cost of the good or service
the cost of production
14
Economic consumers are...
people that purchase or trade goods and services
things that eat plants or living things for energy
15
Inflation is the increase in the prices of most goods and services over a period of time.
True
False
16
Goods and services are...
inputs
outputs
17
Money is...
durable, portable, and divisible
used when bartering
cannot be divided
used when trading
18
An entrepreneur is someone that fears taking financial risks.
True
False
19
What is a good?
not enough goods and services to go around
nonphysical results of production that must be consumed ASAP
tangible items that result from production
people who purchase items
20
Trade is the most efficient way to get things you want.
False
True
21
Which item is not a good or service?
garbage
haircut
pants
pencil
