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