Economics Review

Choose the vocabulary word that goes with the definition.

To give money to a bank

• opportunity cost

• resource

• deposit

• currency

• scarcity

Choose the vocabulary word that goes with the definition.

A country's system of money

• opportunity cost

• resource

• deposit

• currency

• scarcity

Choose the vocabulary word that goes with the definition.

Not having enough of something

• opportunity cost

• resource

• deposit

• currency

• scarcity

Choose the vocabulary word that goes with the definition.

Anything used to produce goods

• opportunity cost

• resource

• deposit

• currency

• scarcity

Choose the vocabulary word that goes with the definition.

The thing you give up when you buy something else

• opportunity cost

• resource

• deposit

• currency

• scarcity

Which list shows only needs?

• nail polish, television, sweater

• sweater, water, apple

• shoes, shirt, necklace

• water, shirt, nail polish

When you go to the store and buy a bag of potato chips, you are a:

• producer

• consumer

• natural resource

• human resource

Which is an example of bartering?

• Tim gave his cookie to Rita. Rita gave Tim an apple in exchange.

• Lisa washed Mrs. Daniel’s car. Mrs. Daniel paid Lisa $5.

• Becky’s mother wrote a check for groceries at the grocery store.

• Mary gave Susan a present for her birthday.

Which item is not a service? 

• haircut

• piano lessons

•   car wash

• a pack of gum

In November, what will probably happen to the price of Halloween costumes?

• The price will go up.

• The price will go down.

• The price will stay the same.