Something you can touch that you buy or trade.

Students in Ms. Flores' class trade their jacket for a pencil. This is an example of:

Principle 1: People want. This is why the economy exists.

When there was a scarcity of eggs, many restaurants had to change their menus.

Principle 5: Economic systems organize how people work, Principle 3: Economics requires we rely on all people.

A market economy is where

Individuals make their own economic decisions.

There isn't enough for everyone.

A mixed economy is where

Both the government and individuals make economic decisions.

Democracies typically have market economies, while authoritarian usually have command economies

Principle 6:Economic & political systems influence eachother

Something someone does for you that you buy or trade for.

How much of something people want.

Ms. Flores loves ice cream. But she also loves chocolate. She has enough money for one. This is

Principle 2:You can't get everything. You have to choose.

At the end of the winter, a coat costs $20. At the beginning of winter, they are $50. This is:

Principle 4: Supply + Demand = Price

A command economy is where

The government makes all the economic decisions.

Specialization means...

Producing only one good or service.

How much of something there is.

In the US, people make their own decisions. In other countries, the gov't makes the decisions

Principle 5: Economic systems organize how people work

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Economic Vocabulary

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6th grade PoE vocabulary terms #6thgrade #principlesofeconomics #vocabulary

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Questions 15

Answers

1
A good is...
Something you can touch that you buy or trade.
Something someone does for you that you buy or trade for.
Something that benefits everyone.
2
Students in Ms. Flores' class trade their jacket for a pencil. This is an example of:
Principle 3: Economics requires we rely on all people.
Principle 4: Supply + Demand = Price
Principle 2: You can't get everything. You have to choose.
Principle 1: People want. This is why the economy exists.
3
When there was a scarcity of eggs, many restaurants had to change their menus.
Principle 4: Supply + Demand = Price
Principle 5: Economic systems organize how people work
Principle 3: Economics requires we rely on all people.
Principle 2: You can't get everything. You have to choose.
4
A market economy is where
The government makes all economic decisions.
Both the government and individuals make economic decisions.
Individuals make their own economic decisions.
5
Scarcity is when
There is more of something than is needed.
There isn't enough for everyone.
There is enough for everyone.
6
A mixed economy is where
Individuals make their own economic decisions.
The government makes all economic decisions.
Both the government and individuals make economic decisions.
7
Democracies typically have market economies, while authoritarian usually have command economies
Principle 5: Economic systems organize how people work
Principle 6:Economic & political systems influence eachother
Principle 4: Supply + Demand = Price
Principle 3: Economics requires we rely on all people.
8
A service is...
Something you can touch that you buy or trade.
Something someone does for you that you buy or trade for.
Something that benefits everyone.
9
Demand is
How much of something people want.
How much of something there is.
10
Ms. Flores loves ice cream. But she also loves chocolate. She has enough money for one. This is
Principle 6:Economic & political systems influence eachother
Principle 2:You can't get everything. You have to choose.
Principle 3: Economics requires we rely on all people.
Principle 5: Economic systems organize how people work
11
At the end of the winter, a coat costs $20. At the beginning of winter, they are $50. This is:
Principle 3: Economics requires we rely on all people.
Principle 2: You can't get everything. You have to choose.
Principle 1: People want. This is why the economy exists.
Principle 4: Supply + Demand = Price
12
A command economy is where
Individuals make their own economic decisions.
Both the government and individuals make economic decisions.
The government makes all the economic decisions.
13
Specialization means...
Consuming all the goods and services you want.
Producing only one good or service.
Consuming only one good or service.
Producing all the goods and services you want.
14
Supply is
How much of something people want.
How much of something there is.
15
In the US, people make their own decisions. In other countries, the gov't makes the decisions
Principle 4: Supply + Demand = Price
Principle 3: Economics requires we rely on all people.
Principle 2: You can't get everything. You have to choose.
Principle 5: Economic systems organize how people work

Economic Vocabulary Flashcards | StudBud