limited amount of a product that can be imported or exported

Define Opportunity Cost

The next best or forgone alternative

How much of a good or service there is

How much consumers want a good or service

Define the term 'Services'

Something people do for others in exchange for money

An item in short supply and has value

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Economics Check In... so far

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After a few videos and some hands on activities let's check in to be sure you're building an understanding that will help your success in #7thgrade #socialstudies last all year! #EconomicsIsFun

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Questions 16

Answers

1
Define Quota
a tax on imports and exports
An increase on demand
The goods one buys at a store online
limited amount of a product that can be imported or exported
2
Define Opportunity Cost
The other choices you made that day
How much you paid for the opportunity
The next best or forgone alternative
Choices and decisions - good and bad
3
Which of these is neither a good or a service?
Piano lessons
Gasoline
A 2 dollar bill
A happy meal
4
Identify an example of a Service
finishing my homework
playing my PS2 for fun
Apples
babysitting
5
If the supply increases, and the demand decreases - what will happen?
Prices will rise
Prices will lower
Nothing will happen
Someone will be fired
6
Every choice has value that can be determined or evaluated in two ways - what are they?
Tariffs and Quotas
Benefits and Costs
Costs and Quotas
Benefits and Tariffs
7
Define Supply
How much consumers want a good or service
How a producer thinks about a product that will sell
Need, access, and quality of a good
How much of a good or service there is
8
The most basic economic problem is the issue of _________________?
Quotas
Scarcity
Costs
Demand
9
What is a benefit of Free Trade?
Countries can create their best products and import the rest
Tariffs don't raise prices on goods
Consumers have lots of choices
All of the above
10
Identify an example of a Good
Gaming on the weekend with friends
Police Officer
Finishing my homework
Apples
11
Define Demand
A bossy sibling
How much will sell at a particular price
How much of a good or service there is
How much consumers want a good or service
12
Define the term 'Services'
The amount available to buy at a store
The stuff you buy at a store
How we protect jobs
Something people do for others in exchange for money
13
Define Scarcity
A valuable resource
An item that is worth a lot of money
An item in short supply and has value
A city where people scare others
14
Define Tariffs
A limited amount of goods
a tax on imports or exports
A product that can be produced by a producer
An increase in supply
15
What is another word for Protectionism?
Restricted Trade
Strict Trade (serious rules)
Safe Trade
No Trade
16
Define 'goods'
What I say when 'well' isn't correct
Oil, technology, backpacks
The opposite of bads
Stuff that you can buy or own

Economics Check In... so far Flashcards | StudBud