Share 3-5 Economics
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Which is not a productive resource?
Capital
Natural
Scarcity
Human
Which of the following is a public good or service?
A fire department
A shopping mall
A grocery store
A restaurant
What is opportunity cost?
The price of goods in a store
The cost of a lost opportunity
The next best thing you give up when you make a choice
The total amount of money in a budget
What is interdependence in economics?
Buying and selling the same product
People and businesses rely on each other.
People and businesses depend on each other.
People working only for themselves
Why do people specialize in different jobs?
To become more skilled and efficient at one type of work
Because they don’t like trying new things
To be able to do every job at once
So they don’t have to work with others
How do entrepreneurs make a profit?
By saving all their money in a bank
By giving everything away for free
By spending more than they earn
By selling goods and services for more than they cost to pro
What is the role of a consumer in the economy?
To produce and sell goods
To buy and use goods and services
To collect money without spending it
To make laws about money
Why do businesses compete with each other?
To avoid selling anything
To get more customers and increase profits
To lose money on purpose
To make their products worse
What is the purpose of taxes?
To provide public goods and services like schools and roads
To stop people from spending money
To pay only for businesses to make more money
To give people free money
What is an entrepreneur?
A worker who does not take risks
Someone who works for a large company
Someone who only buys products but never sells them
A person who starts and runs a business
What happens when people save money instead of spending it?
They lose all their money
They can’t buy anything ever again
They have money for emergencies or future purposes
Businesses stop selling goods
How do price incentives affect people’s choices?
People are more likely to buy something if it’s on sale
Prices don’t influence anyone’s decisions
People only buy things that are expensive
Businesses never change their prices
