Economics Quickcheck

Some things are wants for some people and needs for others. Which is the best example of a need for a student in school?

• Video games

• Baseball glove

• Notebook paper

• Tennis racket

Suppose freezing temperatures destroyed many orange trees in Florida. What would most likely happen to the supply of orange juice?

• Orange juice supplies would be abundant.

• Orange juice supplies would be cheaper.

• Orange juice supplies would be scarce.

• Orange juice supplies would stay the same.

Suppose strawberries are in short supply because cold weather shortened the growing season. As a result, strawberry ice cream would most likely have __________ than other ice cream flavors at your grocery store.

• a greater value

• a lower value

• a lower price

• a greater demand

Which is a way to earn extra money to buy things that you need and want?

• Volunteer at an animal shelter

• Donate your old clothes to charity

• Get a part-time job after school

• Study harder to get good grades

If the supply of shirts at a department store is greater than the demand for the shirts, what might happen?

• The store will raise the price of shirts.

• The store will give all the shirts away for free.

• The store will reduce the price of shirts.

• The store will keep the shirt prices the same.

How might bad weather affect the supply of a product?

• It could create scarcity by slowing down shipments.

• It could create abundance by speeding up shipments.

• It could create scarcity by speeding up shipments.

• It could create abundance by slowing down shipments.

Why do people need to earn money?

• To buy gifts for all of their friends

• To buy what they must have to live

• To buy toys, games, and sneakers

• To buy the most expensive clothes

Suppose your family is planning a trip to visit a relative and will be driving for several days. Which item in the would be a want but not a need?

• Hotel

• Luggage

• Music

• Gasoline

In the United States, who decides which products to sell in stores?

• Community leaders

• Store owners

• The banks

• The government

How does the free market system work in the United States?

• The government decides what goods to make and buy and what work to do.

• People and companies decide what goods to make and buy and what work to do.

• Other countries decide what goods we make and buy and what work we do.

• Communities decide what goods to make and buy and what work to do.