Economics Review 5th Grade

Which of the lists includes only NEEDS?

• Cell phone, Xbox, Headphones

• Water, Cell Phone, Shelter

• a House, Water, Food

• Food, Books, Computers

Which item is a service?

• iPhone

• Car

• Car Mechanic

• Money

When Mr. Little goes to buy Ice Cream, he is a:

• Producer

• Consumer

• Omnivore

• Natural Resource

in December, the supply of Christmas trees is low. What is the supply and demand for Christmas trees?

• Low Demand and High Supply

• Low Demand and Low Supply

• High Demand and High Supply

• High Demand and Low Supply

On February 15... What happens to the price of Valentine's Day Cards?

• The price goes up

• The price goes down

• The price stays the same

• They give them away for free

What is an IMPORT?

• bringing in goods from another country

• sending goods to another country

• buying new goods

• creating new goods

What is an EXPORT?

• bringing in goods from another country

• sending goods to another country

• buying new goods

• producing new goods

Which list shows only GOODS?

• iPhone, Pizza Delivery, Computers

• House Painter, Mechanic, Lawn Care Service

• iPhone, Mimio, Books

• Schools, Maid, Cars

What is Scarcity?

• the amount of a good or service a person has

• having unlimited wants and needs, but not enough resources

• a system of trade

• making ONE kind of good or providing ONE kind of service

What is Specialization?

• producing ONE kind of good or providing ONE kind of service

• a system of trade

• the value of the next best option (what you give up)

• having unlimited wants and needs with limited resources