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Economics
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Economic Review 3rd grade
Flashcards
25 cards
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Practice quiz
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Questions
25
Answers
1
When you buy something, you have to give up something else to get what you want or need.
Opportunity Cost
Price
Supply
Good
2
A _________ is anything that satisfies our wants and needs.
Supply
Income
Resource
Toy
3
Which of the following are needs? (choose all that apply)
Cake
Water
Clothes
TV
4
How much is a dime worth?
$0.10
$0.05
$1.00
$.0.01
5
A mechanic knows how to repair a car. He/she _______ in this specific service.
Supplies
Specializes
Consumes
Produces
6
When you exchange one good or service for another, it is called...
Demand
Trade
Interdependence
Currency
7
Demand is...
Goods that are used to make other goods/to provide services.
People's willingness to buy goods or services.
A person who makes a good or provides a service.
Something people buy that you can hold or touch.
8
What is economics?
things we use to satisfy our wants and needs
Money, goods, services, supply, and demand
People depend on each other
The way a country manages its money and resources.
9
How much is a nickel worth?
$0.10
$0.50
$0.05
$1.00
10
How much is a quarter worth?
$0.25
$0.10
$0.05
$2.50
11
What could lead to a higher price for your product?
Low supply, high demand
High supply, low demand
High supply, high demand
Low supply, low demand
12
A capital resource is...
Things we use to satisfy our wants and needs
Goods that are used to make other goods/to provide services
Resources found in people
The things nature provides that we use for our wants/needs
13
When a product leaves its country to be shipped to another country, it is ________.
Imported
Bought
Sold
Exported
14
I buy a cake. I am a....
Customer
Consumer
Resource
Producer
15
A human resource is...
Things we use to satisfy our wants and needs
The things nature provides that we use for our wants/needs
Resources found in people
Goods that are used to make other goods/to provide services
16
Supply is...
Products and services businesses provide.
The money you earn.
Something people buy that you can hold or touch.
To do a certain job.
17
What are the three types of resources? (there are three - choose one)
Human
Consumer
Natural
Capital
18
______ is the amount of money received from selling goods or services.
Resources
Expenses
Income
Services
19
Currency is...
Pesos
Dollars and Cents
Euros
The type of money that a country uses to buy or trade things
20
When countries, businesses, or people depend on each other, it is called _______.
Opportunity Cost
Specialize
Interdependence
Depending
21
Which of the following is a good? (there are two correct answers - choose one)
Selling cupcakes
A bag of flour
A cookie
Baking a pie
22
A list of _________ for a business would show the total amount of money spent on resources.
Income
Resources
Services
Expenses
23
A natural resource is...
Goods that are used to make other goods/to provide services
Things we use to satisfy our wants and needs
The things nature provides that we use for our wants/needs
Resources found in people
24
What is an example of a capital resource?
Currency
A business
Tools and equipment
Income and loss
25
How much is a penny worth? (there are two correct answers - choose one)
$0.01
$0.10
1 cent
$0.05
