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Economics Mini Unit
Economics Mini Unit
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6th grade economics-producers, consumers, supply, demand, systems, profit, loss.
Flashcards
25 cards
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Practice quiz
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Questions
25
Answers
1
What does the "D" stand for in the PACED model?
Decide
Dance
Done
Dunno
2
What does the "C" stand for in the PACED model?
Criteria
Cost
Check
Cash
3
Which economic system is controlled by a central government unit?
Command
Market
Traditional
Mixed
4
What is the set of possible prices at which consumers are willing and able to buy a product?
Quantity Demanded
Demand Schedule
Demand
Law of Demand
5
True or False: I will do good on my Econ test tomorrow?
True
False
6
Which of the following IS a natural resource?
Wood
Glue
Sand paper
Stapler
7
What does the "A" stand for in the PACED model?
Answer
Authority Decides
Alternatives
Allowance
8
Which economic term means the money value of a good, service, or resource?
Cash
Money Order
Price
Check
9
True or False: The Law of Demand states as the price goes up, the demand goes down.
False
True
10
Which of the following is NOT a question that any economic system answers?
Whom to produce it for?
What to produce?
How to produce it?
Why to produce it?
11
Which economic term means the criteria you give up to get what you want?
Alternatives
Authority Decides
Trade-off
Money
12
When supply is greater than demand, a _____ occurs.
Surplus
Shortage
13
What is the PACED model used for?
Profit
Selling a product
Making a decision
Economics
14
Which of the following is NOT a kind of economic system discussed in class?
Traditional
Restricted
Mixed
Market
15
How can we tell when the market is cleared?
The consumer makes more money than the producer.
When supply and demand are equal.
When demand is greater than supply.
When supply is greater than demand.
16
Which economic term means the AMOUNT people will buy at a particular price?
Quantity Demanded
Demand Schedule
Law of Demand
Demand
17
True/False: A chart that shows the quantity demanded at a certain price is a supply schedule.
True
False
18
Which IS an example of a capital resource?
Screwdriver
Milk
Flour
Petroleum
19
True or False: A profit occurs when revenue is less than expenses.
True
False
20
Which of the following is an example of a human resource?
An oven baking cookies
A robot on an assembly line
A tree used for lumber
A surgeon performing surgery
21
Which economic term means: a restriction on a choice or alternative?
Constraint
Scarcity
Evaluate
Criteria
22
What does the "P" stand for in the PACED model?
Payment
Problem
Price
Paper Money
23
Which is NOT an allocation method?
Need
Give Away
Force
Share
24
Opportunity Cost means:
Your 2nd choice
Your 3rd choice
Your 1st choice
Your 4th choice
25
What does the "E" stand for in the PACED model?
Extra
Evaluate
Experience
Experience
