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True or False
Vocabulary
Resources
Basic
Economics
Economic
Systems
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True or False 1pt
If you pay a bike shop to
repair your bike, you are
buying goods????
FALSE – You are
paying for a service
when you pay for
someone to fix your
bike
True or False 2pts
Goods can be physically
weighed and measured,
but services cannot???
TRUE – Goods are things
that can be weighed and
measured, Services are tasks
performed for you!
True or False 3pts.
Today, most economic
systems are traditional
False – Most economic
systems today are
mixed.
True or False 4pts.
Societies, not
individuals, need to deal
with a shortage of
resources???
False – Both societies
and individuals need to
deal with a shortage of
resources. That’s what
makes payday so great!
True or False 5pts
Sacrificing one good or
service for another is
called opportunity
cost????
False –Giving up one
good or service for
another is called a
trade-off.
Vocabulary 1pt
When a good, service
or resource is rare or
difficult to find it is
considered
_________________?
Scarce is the term for
goods, services or
resources that are rare
or difficult to find.
Vocabulary 2pts.
A system in which the
government controls
the factors of
production and makes
all decisions about
their use
Command economy is a
system where the
government controls the
factors of production and
makes all the decisions
about their use
Vocabulary 3pts.
Anything that can be
used to make or obtain
what you want or need
is called
______________?
A Factor of Production
or Resource is anything
you can used to make or
obtain what you want or
need
Vocabulary 4pts.
What is lost when you
make a decision to use
a resource for one want
instead of another is
called _________???
Opportunity cost is
what is lost when a
decision is made to
purchase or produce
something else
Vocabulary 5pts.
Original ideas, thoughts
and new processes used
to produce goods or
services are called
__________ ?????
Entrepreneurial
Resources are those new
thoughts, ideas and
processes used to create
goods and services
Resources 1pt.
Name a Capital
Resource used to
produce a Whopper.
Teacher will be the
judge if the answer is
correct or not. Other
possible answers
include: spatula, grill,
or restaurant site.
Resources 2pts.
Name a Human
Resource that can be
used to produce a Book
Teacher will be the judge if
the answer is correct or not.
Other possible answers
include: Lumberjack, writer
or Editor.
Resources 3pts.
Name an
Entrepreneurial
resource that could be
used in the production a
computer
Teacher will be the judge
if the answer is correct or
not. Other possible
answers include: iPods,
Removable hard drives
and Laptops
Resources 4pts.
Name a natural
resource/Land used to
produce a taco salad
Teacher will be the judge
if the answer is correct or
not. Other possible
answers include:
Diamonds, oil or iron ore
Resources 5pts
Name a resource that
can be found in the
United States
Teacher will be the judge
if the answer is correct or
not. Other possible
answers include: Cattle,
Corn or Wheat
Basic Economics 1pt
Name a good and
where a consumer
could get that good
Teacher will be the judge
if the answer is correct or
not. Other possible
answers include: Blizzard
at Dairy Queen or
Hammer at Menards
Basic Economics 2pts.
Name a service and
where a consumer
could get that service
Teacher will be the judge if
the answer is correct or not.
Other possible answers
include: Haircut at Pink
Flamingo or Teeth cleaning
at dentist office.
Basic Economics
3pts.
Name a need and
where a consumer
could get that need.
Teacher will be the judge if
the answer is correct or
not. Other possible answers
include: Food at HyVee or
an apartment from CIP.
Basic Economics 4pts
Name a scarce resource in
the United States and
where else we could get
that resource
Teacher will be the judge if
the answer is correct or not.
Other possible answers
include: Coffee Beans from
Columbia or Diamonds
from South Africa
Basic Economics 5pts.
George would like to buy a
new CD he would also like to
buy a birthday present for his
sister. He only has $20. If he
decided to by the birthday gift
what is his opportunity cost?
The CD is his opportunity
cost. It is what he lost when
he chose to by the birthday
gift with the $20.
Economic Systems 1pt.
Another term for a
capitalistic society is
which type of market
system
A market economy is
also called a
capitalistic system
Economic Systems 2pts
Making economic decisions
according to customs and
beliefs is a characteristic of
what type of economic system
Traditional Economic
systems make decisions
according to customs and
beliefs.
Economic Systems 3pts.
Economic Choice and
Private ownership are
characteristics of which
countries Economic system?
Private Ownership and
Economic Freedom are
characteristics of the
Economic System of
the United States
Economic Systems 4pts
What type of economic
system will allow you to
own your own business
and keep all the profits
A market system allows both
ownership of your own
business and the ability to
keep your profits
Economic System 5pt
Which economic system
combines features of a
market system with
features of a command
market
A mixed economy
combines features of a
market economy and a
command economy.