6th Grade Economics (Topic 1 - Lesson 6)

Taxes are money earned that is given straight to the government.

This is an example of opportunity cost:

Producers make goods and provide services.

Producing goods requires capitol. Which of these are examples of capitol?

The Park Place is where good and services are bought and sold.

Opportunity Cost is having to give up something to have something else.

The place where goods and services are bought and sold is the:

Opportunity cost always involves money.

You can be both a producer and consumer.

Which is one of the main questions that Economics must answer?

A Budget consists of a plan for the amount of _____________ that you have?

As supply goes up, demand goes up.

When you have more than enough it is called...

Economics is the study of...

The production of goods requires land, labor, and capitol.

When there are less goods than the amount of people who want them it is called...

Producing goods requires labor. Which of these is the definition of labor?

Economics impacts all areas of our lives.

Which is one of the main questions that Economics must answer?

Monetary means having to do with:

When demand is high goods are worth more money.

The government doesn't give you anything for your tax money.

Which is one of the main questions that Economics must answer?

When talking about money, credit means:

As supply goes up, demand goes down.

Consumers make goods and provide services.