| True or False | Multiple Guess | Controlled Economy, Market Economy, Traditional Economy, Mixed Economy | More T or F | Fill in the Blank |
| 10 | 10 | 10 | 10 | 10 |
| 20 | 20 | 20 | 20 | 20 |
| 30 | 30 | 30 | 30 | 30 |
| 40 | 40 | 40 | 40 | 40 |
| 50 | 50 | 50 | 50 | 50 |
| Final Question | ||||
An Ipod is an example of a need.
An Ipod is an example of a need.
False
Tangible products you can purchase to meet your wants and needs are called goods.
Tangible products you can purchase to meet your wants and needs are called goods.
True
When you decide to buy a jacket insteadof a concert ticket, you are making a tradeoff.
When you decide to buy a jacket insteadof a concert ticket, you are making a tradeoff.
True
Competition forces businesses to search for new ways to satisfy customers' wants and needs.
Competition forces businesses to search for new ways to satisfy customers' wants and needs.
True
Capitalism is another name for a traditional economic system.
Capitalism is another name for a traditional economic system.
False
The basic economic problem is (a) having unlimited wants and needs but limited economic resources (b) deciding what goods and services to produce (c) identifying the goods and services available to you (d) determining how to satisfy needs and wants.
The basic economic problem is (a) having unlimited wants and needs but limited economic resources (b) deciding what goods and services to produce (c) identifying the goods and services available to you (d) determining how to satisfy needs and wants.
A. Having unlimited wants and needs but limited economic resources
An important priniciple of the U.S. economic system is (a) the right to private property (b) the freedom of choice (c) competition (d) all of the above.
An important priniciple of the U.S. economic system is (a) the right to private property (b) the freedom of choice (c) competition (d) all of the above.
D. All of the above
If freezing weather damages orange crops in Florida (a) the demand for oranges will decrease (b) the price of oranges will increase (c) the supply of oranges will remain unchanged (d) the price of orange juice will decrease
If freezing weather damages orange crops in Florida (a) the demand for oranges will decrease (b) the price of oranges will increase (c) the supply of oranges will remain unchanged (d) the price of orange juice will decrease
B. The price of oranges will increase
Water, air, and minerals are examples of (a) consumer resources (b) natural resources (c) capital resources (d) human resources.
Water, air, and minerals are examples of (a) consumer resources (b) natural resources (c) capital resources (d) human resources.
B. Natural Resources
If you decides to purchase a DVD of your favorite movie instead of a pair of jeans, the value of the jeans is the (a) market price (b) profit (c) opportunity cost (d) tradeoff price.
If you decides to purchase a DVD of your favorite movie instead of a pair of jeans, the value of the jeans is the (a) market price (b) profit (c) opportunity cost (d) tradeoff price.
C. Opportunity Cost
Resources are owned and controlled by the people of the country.
Resources are owned and controlled by the people of the country.
Market Economy
The government decides what and how goods are produced.
The government decides what and how goods are produced.
Controlled Economy
Workers often use hand tools and readily available natural resources.
Workers often use hand tools and readily available natural resources.
Traditional Economy
As countries become more developed, they often adopt this economic system.
As countries become more developed, they often adopt this economic system.
Mixed Economy
Consumers base their decision on their own self-interest.
Consumers base their decision on their own self-interest.
Market Economy
Your needs and wants never end.
Your needs and wants never end.
True
The United States could best be characterized as a command economy.
The United States could best be characterized as a command economy.
False
The higher the price, the higher the producer's profits.
The higher the price, the higher the producer's profits.
False
If many consumers what a particular service, its price will probably go up.
If many consumers what a particular service, its price will probably go up.
True
The mismatch of unlimited wants and needs and limited economic resources is called the basic economic problem.
The mismatch of unlimited wants and needs and limited economic resources is called the basic economic problem.
True
The process of choosing which wants, among serveral options, will be satisfied is called____________.
The process of choosing which wants, among serveral options, will be satisfied is called____________.
Economic Decision Making
In ____________ economy, goods and services are produced the way they have always been produced.
In ____________ economy, goods and services are produced the way they have always been produced.
Traditional
The rivalry among businesses to sell their gods and services is called__________________.
The rivalry among businesses to sell their gods and services is called__________________.
Competition
The point where supply and demand are equal is called the_____________.
The point where supply and demand are equal is called the_____________.
Market-Price
Economic resource are sometimes referred to as factors of _____________.
Economic resource are sometimes referred to as factors of _____________.
Production
List the steps of the economic decision making process.
List the steps of the economic decision making process.
1) Define the problem 2) Identify the choices 3) Evaluate the advantages and disadvantages of each choice 4) Choose one 5) Act on your choice 6) Review your decision
|
|
|
|
| ||||||||||||||||||||||||||||||
|
|
|
|
|
||||||||||||||||||||||||||||||
What Would You Like To Risk?
|
|
|
|
|
||||||||||||||||||||||||||||||
|
|
|
|
|
||||||||||||||||||||||||||||||
Final Score:
|
|
|
|
|
||||||||||||||||||||||||||||||
|
|
|
|
|
||||||||||||||||||||||||||||||
Review Game Info:
You must save this address to be able to find and share your game!