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Economics Review

Economics Review

Assessment

Presentation

Social Studies

6th - 8th Grade

Practice Problem

Easy

Created by

MaryBeth Broxterman

Used 9+ times

FREE Resource

49 Slides • 33 Questions

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Open Ended

What is Economics?

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Fill in the Blank

Economics is the study of the choices we make about how to use ___ resources to produce goods and services that meet our unlimited wants and needs.

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Multiple Choice

Which of the following best describes the main focus of economics?

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How people make choices to satisfy their unlimited wants with limited resources

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How to make as much money as possible

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How to avoid making choices

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How to spend money on goods and services

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Open Ended

Based on the story about Bubba’s Ice Cream, what is the difference between a good and a service?

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Multiple Select

Which of the following are examples of goods, and which are examples of services? Select all that apply.

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Apple - Good

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Teacher - Service

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Teddy Bear - Good

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Waiter - Service

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Word Cloud

What's going on here? Can you think of economic terms that could explain it?

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Multiple Choice

Based on the chart, which ice cream flavor had the lowest supply at Bubba's Ice Cream?

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Vanilla

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Chocolate

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Strawberry

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Mint chocolate chip

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Multiple Choice

If the supply of a product is high but the demand is low, what is likely to happen to the product?

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The price will increase

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The product will sell out quickly

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The price will decrease

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There will be a shortage

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Open Ended

Explain the relationship between supply and demand using your own words.

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Open Ended

Which of the following pairs would represent scarcity? Why?

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Fill in the Blank

If Stan hadn’t been so nice to make a different choice, what economic reality would the little boy have fallen victim to?

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Multiple Select

Select all statements that describe consumers based on the song in the image.

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Consumers are people who buy goods and services.

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Consumers are always satisfied with what they have.

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Consumers' wants never stop.

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Consumers produce goods for others.

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Multiple Choice

Who is considered a producer?

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Someone who makes or grows a good or performs a service

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Someone who buys a good or a service

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Multiple Choice

Who is considered a consumer?

1

Someone who makes or grows a good or performs a service

2

Someone who buys a good or a service

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Open Ended

Are you a producer or a consumer? Why?

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Fill in the Blank

The item that you don’t pick when making a choice is called the ___ cost.

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Multiple Select

Based on Andy and Sara's choices, which of the following are examples of opportunity cost?

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Andy not buying the skateboard

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Sara not buying the rabbit

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Andy buying the basketball net

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Sara buying the bike

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Multiple Choice

What is the definition of profit?

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The positive gain from an investment or business after subtracting expenses

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The total amount of money earned from sales

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The amount of money spent to make a product

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The cost of goods sold

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Open Ended

Explain how the toy store owner made a profit from Andy's purchase. Use information from the story to support your answer.

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Multiple Choice

Based on the example of the toy store owner and Sara, how much money did the owner lose when selling the bike?

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$15.00

2

$80.00

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$65.00

4

$5.00

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Open Ended

Explain in your own words what a 'loss' is in business. Use the information from the slides to support your answer.

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Multiple Choice

Which of the following best describes 'specialization' as explained in the slides?

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When a person or company focuses on one part of a task and relies on others for the rest

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When a person does every part of a task themselves

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When a company only sells one type of product

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When people compete to do the same job

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Multiple Select

According to the slides, which of the following statements about interdependence are correct?

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It means people depend on one another

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It is a result of specialization

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It means everyone works alone

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It means people do not need each other

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Fill in the Blank

Fill in the blank: Specialization results in ___.

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Open Ended

If we are not creating everything ourselves, what must we do to satisfy our wants and needs?

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Categorize

Options (12)

Fertile Soil

Forests

Mineral Resources

Farmer

Secretary

Metal Owrker

Computer

Factory

Screws

Founder of Chick-Fil-a

Taylor Swift

Mr. Beast

Organize these options into the right categories

Land/Natural Resources
Human Resources
Capital Reources
Entreprenuers

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Open Ended

Why are entrepreneurs so essential to the production process?

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Word Cloud

What types of goods and services would you associate with a traditional economy or what word would you use to best describe it?

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Fill in the Blank

What is the keyword to look for in the description of an economic system if it is a mostly command economy?

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Fill in the Blank

What is the key phrase that you will look for in the description of how an economy makes decisions if it is mainly market?

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Multiple Choice

Which of the following best describes a mixed economy?

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An economy with only government control

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An economy with only private businesses

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An economy that combines elements of both market and command economies

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An economy based solely on tradition

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Open Ended

Why should we study different economic systems?  What could this tell us about a country?

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Hotspot

Based on what you know about economic systems, where would you place the United States on the Continuum?

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