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Matching
1.
2.
3.
4.
5.
6.
7.
8.
supply
money
barter
surplus
demand
opportunity
cost
income
specialization
a.
making
a
choice
to
give
up
one
thing
in
order
to
get
something
else
b.
division
of
work
into
specialized
tasks,
allowing
people
to
be
more
productive
c.
a
consumer's
desire
and
willingness
to
pay
a
price
for
a
specific
good
or
services
d.
money
earned
from
working
e.
exchange
of
goods
or
services
without
money
f.
when
quantity
supplied
is
more
than
the
quantity
demanded
g.
the
total
amount
of
a
specific
good
or
service
that
is
available
to
consumers
h.
anything
that
is
generally
accepted
as
payment
for
goods
or
services,
serves
as
a
medium
of
exchange,
a
store
of
value
Word Bank budget competitors economics market producer productivity 1. McDonalds and Burger King are , with each other, in the fast food business. 2. Henry Ford used the assembly line to increase his workers as they manufactured automobiles. 3. A is a person or business that makes goods or services. 4. When buyers and sellers come together for the purchase and sale of an item they have developed a for the item. 5. is the study of money and how goods and services are made, distributed, and used. 6. Tommys family uses a to monitor their spending and saving.
Economics
Multiple
Choice
1. A
shortage
occurs
when
a. Producers
make
more
than
consumers
want
to
purchase
b. Consumers
want
to
purchase
more
than
producers
make
c. Businesses
compete
with
each
other
d. Different
jobs
are
needed
to
produce
a
product
2. Which
job
provides
the
best
definition
for
an
entrepreneur?
a. Teacher
b. Small
business
owner
c. Employee
at
a
restaurant
d. Firefighter
3. The
state
of
Kansas
specializes
in
growing
what
crop?
a. Cotton
b. Corn
c. Wheat
d. Onions
Short
Answer
List
the
four
things
you
can
do
with
money.
1.
2.
3.
4.
List
the
three
types
of
productive
resources.
1.
2.
3.
Economics
Cost
and
Benefits
List
a
cost
and
benefit
for
each
situation.
Write
a
sentence
to
explain
your
response.
1. Buying
a
new
bicycle
rather
than
a
video
game
Cost:
Benefit:
2. Saving
your
allowance
rather
than
buying
candy
Cost:
Benefit:
3. Going
to
sleep
rather
than
watching
a
movie
Cost:
Benefit:
Economics
Identify
a
natural,
human,
and
capital
resource
in
the
picture.
Explain the process cotton goes through to become the jeans you wear.
Economics
Opportunity
Cost
List
three
activities
you
like
to
do
with
your
friends.
1.
2.
3.
When
your
friend
arrives
to
play
you
must
select
an
activity.
Mark
your
favorite
activity
with
a
star.
Mark
your
opportunity
cost
with
a
dollar
sign.
Mark
your
remaining
activity
with
a
frowning
face.
Budgeting
Use
the
information
and
space
below
to
create
a
budget
for
Sally.
Sally
gets
$40
a
month
from
her
parents.
Her
parents
require
her
to
save
half
of
her
money.
Of
the
remaining
half
of
her
money
she
must
spend
$10.00
a
month
on
books.
Sally
also
likes
Twizzlers,
her
parents
allow
her
to
buy
one
bag
a
month,
which
cost
her
$2.00.
Sallys
pet
fish
must
also
be
fed.
The
fish
food
cost
her
$3.00.
Income:
Expenses:
Savings:
1. How much money does Sally have left at the end of the month? 2. Sally sets a goal to purchase a new video game that cost $40.00. How many months will she need to save her money, from the end of the month, to purchase the game?
Economics
Use
the
information
in
the
table
to
complete
the
graph.
Price Per Soda $2.00 $1.75 $1.50 $1.25 $1.00 Market for Soda
Quantity
What is the equilibrium price for soda? Word Bank goes up goes down
goes up
The law of demand states that as price goes up, the quantity demanded and that as the price goes down the quantity demanded The law of supply states that as price goes up and as price