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Economics Review #2
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How were the baseball hat and the skateboard allocated? By Price, By Lottery, or By the Government
By Price
What are the baseball hat and the skateboard? Goods, Consumers, Services, or Producers
Goods
What is the name of the place where people buy and sell goods?
Marketplace
True of False: Sharon makes a quilt and Lucy buys the quilt. Sharon is the consumer and Lucy is the producer.
False
In the market place, who is the consumer?
a person who buys goods or services
Who provided a service in this story?
Petra
Who was the consumer in this story?
Desmond and Tasha
Georgia grows a lot of peaches. Peaches do not grow well in Hawaii. Hawaii grows pineapples, but Georgia does not. How do the 2 states meet their needs?
The 2 states trade fruits with each other
What phrase would complete the graphic? Consumers pay taxes to producers or Consumers buy the goods of producers
Consumers buy the goods of producers
Who benefited from this exchange?
Both Trish and Greg
True or False: Daniel lives in a small town with no factories. He saw an ad on tv for a pair of sneakers. He will most likely find them in his local store because the shoes were made in another part of the country & sent to the store.
True
Why do countries create currency?
so people can buy goods and services
Which of the following is Johnny's opportunity cost?
Johnny's score on his social studies test
Which of the following is Sasha's opportunity cost?
Sasha will have a smaller amount of savings
Which of the following is Jewel's opportunity cost?
Owning the bike
True or false: Trade with other countries does not give American consumers more choices of what goods to buy.
False
What allows consumers in Georgia to be able to purchase fresh fruit year round? Fruit is shipped from other states and countries to stores in Georgia or Farmers in Georgia have learned how to grow fruit in frozen soil
Fruit is shipped from other states and countries to stores in Georgia
True or False: It is important that goods are made all over the word because it gives people access to goods that their community does not make.
True
Which of the following is paid for with money collected through taxes? Bank, Restaurant, Public Library, or Shopping Mall
Public Library
True or False: A town's police force is paid by the government with taxes.
True
Why do local, state, and federal governments collect taxes?
to provide services to citizens
True or False: A tax is money that people pay to help support the government.
True
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