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Economics Review Flashcards | StudBud
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Economics Review
Economics Review
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Test Review for 2nd Grade Economics Unit on Supply & Demand, Consumers & Producers, Goods & Services
Flashcards
15 cards
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Practice quiz
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Questions
15
Answers
1
For Market Day you made goods or provided services to sell. You were a _________.
Consumer
Want
Wage
Producer
2
People like your teacher, police officers, and taxis provide _______.
Goods
Services
Needs
Wants
3
People that make or sell goods or provide services are called _________.
Producers
Workers
Consumers
Goods
4
Which of these are an example of a good?
Video Games
These are all goods. Some we may need and some we just want.
Groceries
School Shoes
5
When you were shopping at our Second Grade Market you were a ________.
Good
Seller
Consumer
Producer
6
You earned money by having a job as a producer. What is the money you earned called?
Cash
Wage
Consumer
Tips
7
A person who buys goods or pays for a service is a __________.
Farmer
Consumer
Producer
Seller
8
When we go to the store and buy food, clothes, or toys we are buying _________.
Wants
Services
Supplies
Goods
9
You have a large supply and a not a high demand you may have to ____ your price to make money.
free
raise
wage
lower
10
The amount of product you have is called ______. The more you have the lower the price can be.
Demand
Good
Wage
Supply
11
You have a small supply of gum but a high demand. You can ____ your price to make more money.
Consumer
Wage
Lower
Raise
12
How much people want your good or service is called the _____.
Want
Supply
Demand
Wage
13
Which of the following is an example of paying for a service?
Getting a pedicure
Having a Mechanic fix your car.
Taking your car to the car wash
All of these are examples of services
14
What was your favorite part of our Second Grade Market?
It was fun to shop as a consumer.
Earning a wage for your hard work as a producer.
Selling your goods and services as a producer.
Making our good and services in class.
15
A new video game is something that we may ______ but do not need.
Want
Need
Service
Good
