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Economics
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6th Grade Economics
Flashcards
40 cards
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Practice quiz
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Host live
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Questions
40
Answers
1
The term "Labor" means ...
A carefully selected supply
Necessary for survival
Human resources
Natural resources
2
Supply...
is not the guy!
to the sky!
is fly!
makes me shy!
3
What is the mnemonic device we use to remember the Factors of Production?
CELL
ROY G BIV
SNOOP DOGG
COOL
4
The terms "Wants" refers to ...
The milk and bread your mom bought
Something not necessary for survival
Something necessary for survival
Paying your electric bill
5
An example of "Interdependence" would be ...
A good sold to another country
A carefully selected supply of something
Making money from the bank
Chipotle buying corn from a local farmer
6
An example of Capital would be ...
Mushrooms in a greenhouse
A salt mine
A teacher's computer
Mr. Holcombe
7
The term "Barter" refers to ...
Selling a good to another country
Someone providing a service for money
Changing raw materials into goods
Trading goods rather than using money
8
An example of a "Service" would be ...
The cashier at the grocery store
A box of chocolates for your sweetie
A tank of gas
Someone painting your house
9
Opportunity Cost refers to ...
The value of your second-best choice
Decisions that affect a nation
Setting something apart for a particular purpose
Anything used to make a good/service
10
What is Economics the study of?
How much Mr. Holcombe yells at you
How things are bought and sold
How much services cost
How much goods cost
11
This picture is an example of a...
Plot
Supply Curve
Demand Curve
Graph
12
Production is ...
The process of changing raw materials into goods
Using goods and services for money
Running out of a good
Buying and selling goods
13
Demand...
in my hand!
is down!
in the land!
to the dirt!
14
Macroeconomics is the study of economic decisions that affect ...
How many pairs of Nikes you can afford
The economy of a nation
The economy of an individual
How much candy you can buy
15
Apple relying on the camera company Nikon for it's phones is an example of...
Specialization
Favoritism
Opportunity Cost
Production
16
The term "Allocate" refers to ...
The amount of an item produced for sale
The study of how societies use resources
Setting apart for a particular purpose
Something that is preferable to others
17
The term "Interest" refers to...
The latest Hunger Games movie
Not enough to satisfy wants and needs
A boy drooling over a girl
A sum paid for the use of borrowing money
18
Absolute Advantage refers to ...
A company producing a good at a lower cost
The number of consumers who want an item
A company producing a good more efficiently
A carefully selected supply
19
Which of the following is NOT a Factor of Production ...
Land
Choice
Entrepreneurship
Labor
20
The Law of Demand states that the increase of a product's price...
makes the supply increase
decreases demand
increases demand
makes the supply decrease
21
An example of Macroeconomics would be ...
A grocery store offering a special deal
The city of Oregon raising gas prices
A family changing its cell phone plan
The United States trading more with China
22
An example of a "Consumer" is ...
Depositing money into the bank
Pumping gas for your mom
Paying for ice cream at Cold Stone
Mowing your parents' lawn
23
Your sister made homemade lemonade. This is an example of...
Resource
Investment
Production
Capital
24
An Entrepreneur is someone who ...
Starts their own business
Works for a company
Exchanges services for money
Changes raw materials into goods
25
The Factors of Production include ...
Bartering
Interest
Capital
Land
26
The Law of Supply states that the higher the price of a good...
the higher the amount supplied
prices fall
the lower the amount supplied
the supply stays the same
27
A resource is anything...
Something that can be bought or sold
Used to produce goods and services
That there is not enough of
That is needed or desired
28
This picture is an example of...
Demand Curve
Supply Curve
Line Plot
Bar Graph
29
The term "Specialization" refers to ...
A limited availability of something
The price of goods decided by private buyers
Items that can be bought and sold
A company making a limited variety of goods
30
The term "Export" means ...
To trade goods without money
Goods/Services purchased from other countries
Goods/Services sold to other countries
Money, buildings and equipment
31
An example of an "Entrepreneur" would be ...
A bank teller
Steve Jobs
Bill Gates
Fred Flinstone
32
The term "Needs" refers to ...
The newest video game
Something that is not necessary for survival
Something that is necessary for survivial
A new leather jacket
33
Microeconomics is the study of economic decisions that ...
Do not affect anyone but businesses
Affect individuals in an economy
Affect the economy of a nation
Affect entrepreneurs
34
A service is ...
Not having enough of something
How things are bought or sold
The process of changing raw materials
Any action done for money
35
Something that is preferable to others refers to...
Needs
Choice
Interest
Capital
36
Which is an example of Land ...
The President of McDonalds
Jeep workers
Deer
A cash register
37
An example of Microeconomics would be:
The President passes a new law
Our unemployment rate declines
The cost of a barrel of oil increases
Our library has extended its hours
38
Goods are...
Anything that can be bought or sold
Anyone who behaves
Not having enough of something
Something someone does for money
39
Scarcity means...
We can never have all of what we want
Giving money in exchange for a service
Creating a good from raw materials
Making someone afraid of you
40
An example of a "Good" would be ...
A haircut
A pair of Ugg boots
A dentist cleaning your teeth
A maid cleaning your house
