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5th grade Economics Review Flashcards | StudBud
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5th grade Economics Review
5th grade Economics Review
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Economics Review for FDOL
Flashcards
46 cards
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Questions
46
Answers
1
Shoes,toys, sports gear, cars, school supplies, phones, furniture, & clothes are examples of _.
consumers
services
goods
producers
2
Why do we import goods from China and other countries?
to create a scarcity
so we have to pay more taxes
So consumers have more choices
to leave out other countries
3
When you spend your money to buy candy, you are a
consumer
exporter
importer
producer
4
A ____ occurs when there is a
high demand
of a good and a
low or no supply
of it.
opportunity cost
interest
capital
scarcity
5
which idea best explains why prices increase when people want it
but there isn't enough for all
supply and demand
suplus
scarcity
opportunity cost
6
what is surplus
buying a product
the perfect amount
too much a product
not enough of a product
7
Consumers want to buy less and less of a product. This creates a...
high supply
low demand
choices
international trade
8
The amount of money in an account
balance
endorse
check
interest
9
a business is a company that sells goods or services
False
True
10
IF it cost you $2 to make a widget, you sell it for $5
your profit is $7
your profit is $2
your profit is $3
your profit is $5
11
The money you make for doing a job or service is called your _____.
profit
outcome
budget
income
12
When a producer has a SURPLUS of goods the price...
goes up/increases
goes down/decreases
stays the same
is free
13
the money remaining after the costs of a business have been paid is called
debt
income
profit
coupon
14
The US buys coffee from Costa Rica. The coffee is an _______________ of the US
good
export
import
beans
15
If there was a scarcity of blueberries, what would happen to the price?
It would decrease
Stay the same
They would be free
It would increase
16
Why do people create budgets?
so they can create a scarcity
To have a plan as to how to spend their money
so they can pay taxes
so they can spend all their money and not save any
17
objects or things like bike, shirt, watch are considered
toys
goods
needs
services
18
Ashley bought a new dress and got her hair cut. She is a
producer
consumer
budget
natural resource
19
There are about 200 shirts the store owner needs to sell before the end of the day.He should...
He should raise the price
give them away for free so he makes NO profit
He should throw them away
lower the price or give an incentive to consumers
20
the forces that determine the selling price for goods are called?
students
opportunity cost
supply and demand
owner
21
Taxes citizens pay are used to pay for services such as...
libraries and schools
police and firefighters
roads
all of them
22
What would be the benefit of buying a new jacket?
It did not come in the color I wanted
It was a low price
It was very expensive and not in my budget
It was too small
23
when the seller increases the price it's normally because he doesn't have enough
money
supply/goods
budget
people
24
Carla has to think about the ______ and ______ before purchasing a good.
import and exports
costs and benefits
producers and consumers
supply and demand
25
Citizens pay ______ to help pay for services in our community.
income
goods
taxes
imports
26
A company in Kansas sells tools to South Africa. The tools are ____ of KS
jayhawk
export
import
hammer
27
endorsed means
to take money out of your bank account
put money in your bank account
writing a check
to write signature on back of check
28
What would happen to the price of concert tickets if everyone wanted to go?
The price would decrease because there is a scarity
The price would stay the same
The price would increase because there is a high demand
The price would decrease because there is a high demand
29
When one buyer or seller tries to outdo another for consumers' business
credit
competition
interest
free enterprise
30
Why do we export goods?
to create a scarcity
to pay taxes
So more of a producet can be sold</p>
to create a low supply</p>
31
When I went to the stores, I noticed serval workers and managers helping customers. These are..
Capital Resources
Natural Resources
Human Resources
Entrepreneurs
32
I made hot chocolate. The cocoa, the farm, sugar cane, and milk are examples of...
Human Resources
Capital Resources
Entrepreneurs
Natural Resources
33
The machines and equipment in a factory used to make shoes is called.
Natural Resources
Capital Resources
Entrepreneur
Human Resources
34
money that is borrowed that MUST be repaid, usually with interest
atm
loan
check
deposit
35
If blueberries are NOT in season, there would be a _____ at the grocery store.
consumers
high supply
no demand
scarcity
36
Sally had a choice between a dog or fish for a pet. She chose a dog, so the fish is a(n) _____.
opportunity cost
wants
profit
scarcity
37
a business that offers money-related services like loans, checking & savings account
bank
ATM
grandma and grandpa
Target
38
A store is offering a 50% off coupon to customers. The coupon is an example of a ______.
incentive
import
marketplace
economy
39
when the demand for the product is high and seller doesn't have enough, the prices
increases
stays the same
decreases
free
40
When 2 countries, 2 stores, or 2 people rely on each other for a certain good it is called __.
Producers and consumers
opportunity cost
choices
interdependence
41
The money people earn at work
deposit
income
endorse
personal check
42
A written record of money put into a checking account
deposit slip
endorse
ticket
receipt
43
Henry Ford and Milton Hershey both took a risk to start their business. They are _____.
capital resources
natural resources
human resources
entrepreneurs
44
a bus driver, teacher,dentist are examples of people providing a
education
good
profit
service
45
Mexico ships Fingerlings to the US The toys are an _____ of the US?
item
import
deposit
export
46
Items created by nature that are used to create goods and services
capital
human labor
entrepreneurship
natural resources
