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Economics

Matching ) ! a.!!making!a!choice!to!give!up!one!thing!in!order!to!get! something!else ! 1. ! ! ! supply! ! ! ! !
Matching )
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a.!!making!a!choice!to!give!up!one!thing!in!order!to!get!
something!else !
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b.!! division!of!work!into!specialized!tasks,!allowing!people!to!
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! barter!!
c.!!a!consumer's!desire!and!willingness!to!pay!a!price!for!a!
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specific!good!or!services!
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d.!! money!earned!from!working !
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e.!!exchange!of!goods!or!services!without!money!
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f.!!when!quantity!supplied!is!more!than!the!quantity!
demanded !
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g.!!the!total!amount!of!a!specific!good!or!service!that!is!
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available!to!consumers!
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h.!! anything!that!is!generally!accepted!as!payment!for!goods!
or!services,!serves!as!a!medium!of!exchange,!a!store!of!
value!
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Word%Bank%
budget !!!!!!!! competitors!!!!!!! economics!!!!!!!market!!!!!!!producer!!!!!!!productivity !
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1.!!McDonald’s!and!Burger!King!are!!
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! ,!with!each!other,!in!the!fast!
food!business.!
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2.!!Henry!Ford!used!the!assembly!line!to!increase!his!workers! ! !
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! as!
they!manufactured!automobiles. !
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3.!!A! ! !
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! is!a!person!or!business!that!makes!goods!or!services.!
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4.!!When!buyers!and!sellers!come!together!for!the!purchase!and!sale!of!an!item!they!have!
developed!a!!
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5.!! !!
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! is!the!study!of!money!and!how!goods!and!services!are!made,!
distributed,!and!used.!
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6.!!Tommy’s!family!uses!a! ! !
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! to!monitor!their!spending!and!
saving. !
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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.!! ! ! ! ! ! ! ! ! !
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List!the!four!things!you!can!do!with!money. !
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List!the! three!types!of!productive!resources. !
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Economics

Cost)and)Benefits !

! List!a!cost!and!benefit!for!each!situation.!!Write!a!sentence!to!e xplain!your!response. ! ! 1. Buying!a!new!bicycle!
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List!a!cost!and!benefit!for!each!situation.!!Write!a!sentence!to!e xplain!your!response. !
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1. Buying!a!new!bicycle! rather!than!a!video!game!
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Cost: ! !
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2. Saving!your!allowance ! rather!than!buying!candy!
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Cost: ! !
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3. Going!to!sleep!rather!than!watching!a!movie!
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Cost: ! !
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Economics

Identify!a!natural,!human,!and!capital!resource!in!the!picture. !

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2. Human!Resource: ! !
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3. Capital!Resource: ! !
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Explain!the! process!cotton ! goes!through!to!become!the!jeans!you!
wear . !
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Economics

Opportunity)Cost)

! List!three!activities!you!like!to!do!with!your!friends.! ! 1.!! ! ! ! ! ! ! ! ! ! ! !
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List!three!activities!you!like!to!do!with!your!friends.!
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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 . !
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Budgeting !
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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!b uy!one!bag!a!month,!which!cost!her!$2.00.!!Sally’s!
pet!fish!must!also!be!fed.!!The!fish!food!cost!her!$3.00.!
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Income:!
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Expenses:!
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Savings:!
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1.!!How!much!money!does!Sally!have!left!at!the!end!of!the!month?!!! !
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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?!
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Economics

Use!the!information!in!the!table!to!complete!the!graph.!

Price Per Soda

Quantity

Quantity

Demanded

Supplied

$2.00

2,000

10,000

$1.75

4,000

8,000

$1.50

6,000

6,000

$1.25

8,000

4,000

$1.00

10,000

2,000

Market for Soda

00 4,0 00 $1.00 10 ,0 00 2,0 00 Market for Soda ! Quantity ! !
! Quantity ! ! ! ! What!is!the!equilibrium!price! for!soda?!!! ! ! ! ! ! ! !
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Quantity !
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What!is!the!equilibrium!price! for!soda?!!! !
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Word Bank
goes up
goes down
goes up
goes down

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

, quantity supplied

, quantity supplied goes down.!