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Economics
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A 6th grade #economics review
Flashcards
35 cards
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Practice quiz
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Questions
35
Answers
1
What are the 3 types of productive resources?
Human, Capital, Natural
Capital, American, Grilled Cheese
Farmers, Meat, Dirt
Human, Animals, insects
2
Countries export goods to.....
To get scarce products
To exchange goods
Make money $$$$
3
What does supply mean?
How much school supplies my parents buy me
How much people want something
How much of a product there is
4
when supply decreases, price....
increases
decreases
stays the same
5
A country with a lot of cities and a high population would be economically rich in....
farm animals
growing vegetables
manufacturing cars
6
Countries import goods to.....
To trade
Get scarce products
Because they want to
7
A country that a lot of farms and a low population would be rich in....
factories
car dealerships
agriculture
8
What are 3 things that affect what goods or services you may buy?
if I like it, If I want it, If I love it
it makes me cool, I make a lot of friends, I'm super popular
quality, popularity, on sale
9
A consumer is
When I eat until my stomach hurts
A customer, or person buying a good or service
An animal that eats another animal
10
Materials made in a factory are...
snow
steel and metal
animals
11
Export means
Flying on an airplane
To sell goods that your country produces to other countries
Giving away my food to other people
12
The majority of the resources on the left side of Australia is
Iron Ore
Coal
13
I live in a state that grows oranges and I want apples, I should______with another state
Trade
Export
Import
14
An example of a natural resources is ....
an oven
oil
a cashier
a building
15
What does demand mean?
Somebody who goes shopping
How much people want something
How much of something there is
16
What color is Southeast United States
blue
purple
green
pink
17
Australia is lacking some essential resources, what should they do?
Export their resources
Trade with other countries
Import the goods they lack
18
What does it mean to make an economic choice?
Choosing what I want for dinner
Buying one thing over another
Deciding if I want to learn about economics
19
Scarcity is
When I am scared
When there is a lot of supply
When a good or resource is very limitied
20
When 2 stores are in a competition, the price will....
Decrease
Increase
Stay the Same
21
a good is a
When I do well on a test
something you can buy, eat, see, and feel
something someone does for you
22
Specialization is
When a country focuses on a specific good or services
When there is not a lot of something
When my mom tells me I am special
23
Economics is the study of....
how people exchange goods and services
exchanging money
dolla dolla bills
24
An example of a human resource is...
Pizza
Cheese
A Farmer
Monkeys
25
I am going to the Nike Factory to buy shoes, I am the
Employee
Producer
Consumer
26
An example of a capital resource is....
sheep
machinery
The President
cows
27
Trade in economics means
When I take someones lunch and give them my food
When people travel to different countries
Returning at item at a store
exchanging goods/ services b/w countries
28
When demand increases, price.....
decreases
stays the same
increases
29
When demand decreases, price....
increases
stays the same
decreases
30
Opportunity Cost is
What you give up when you choose one thing over another
Doing everything I possibly can
The cost of an opportunity
31
Raw materials are things like..
cars and trucks
paint
animals and plants
32
One productive resource in Africa is
Oil
McDonalds
Shoes
33
A service is
Something someone does for me and I pay them
Buying something at the store
Something I eat
34
A producer is
When I do arts and crafts
The business or company that makes the good/ service
A plant
35
Import means
To buy goods that other countries produce
To download music
To send away goods
