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Social Studies: Economics Flashcards | StudBud
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Social Studies: Economics
Social Studies: Economics
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Questions
21
Answers
1
True or False? Economics is the system of producing & consuming goods and services
True
False
2
True or False? A
producer
is someone who
buys
goods & services.
False
True
3
Is this a human, natural, or capital resource?
Capital
Natural
Human
4
Cotton candy costs $2. Maggie wants it but only has $1. So she got popcorn instead. What is her opportunity cost?
cotton candy
a dollar
time
popcorn
5
Is this a human, natural, or capital resource?
Consumer
Human
Natural
6
Good or Service? Toilet Paper
Service
Good
7
What are the two ways you can get paid for a job you do?
credit card, cash
check, cacao beans
cash, check
check, credit card
8
What is the plan you make for saving and spending your money called?
calendar
budget
income
9
10 kids want cupcakes, but there are only 5 left. Which is greater the
supply
or the
demand
?
demand
supply
10
Is this a human, natural, or capital resource?
Capital
Human
Natural
11
Which one of these is an example of a
capital resource
?
a teacher
water
a stapler
12
True or False? A cupcake is a
need.
True
False
13
Producer or Consumer? A mom shopping for groceries
Producer
Consumer
14
Why is it important to have a budget?
So you have an income
So you have enough money for your needs
To get lots of money!
To be cheap
15
Where are the two places you can save your money?
home & bank
home & school
bank & school
school & work
16
What is scarcity?
When you eat too much your tummy hurts!
Having too much of something
Not having enough for everyone who wants something
17
Producer or Consumer? A chef
Consumer
Producer
18
I want chocolate ice cream, but Scoop only has vanilla left. What is the scarcity?
chocolate ice cream
sprinkles
strawberry ice cream
vanilla ice cream
19
Good or Service? Hair Stylist
Good
Service
20
Which one of these
NOT
a need?
pet
water
food
shelter
21
What do we call the money people earn from working?
insurance
income
cash
