Economics
Presentation
•
Social Studies
•
7th Grade
•
Practice Problem
•
Medium
HANNAH BOLIN
Used 87+ times
FREE Resource
1 Slide • 13 Questions
1
Economics
2
Multiple Choice
All of a sudden Samsung comes out with a phone that is WAY cooler than the iphone, what will probably happen to the price of Samsung phones?
It will decrease
It will increase
It will stay the same
3
Multiple Choice
What is supply?
How much of a good or service is available
All types of labor or work that people can purchase
People who buy goods and services
4
Multiple Choice
According to the Law of Scarcity, resources in the world are....
All over the place
Unlimited
Plentiful
Limited
5
Multiple Choice
Where are snow shovels probably the least expensive (Based on what you know about how demand impacts price)?
Colorado
Alaska
Florida
Minnesota (it snows a lot there)
6
Multiple Choice
What is Demand?
How much of a good or service is available
People and businesses who make goods and services
How much of a good or service people are want to buy
7
Multiple Choice
In a Command Economy the....
People make all of the decisions
People and businesses make all of the decisions
The government makes all of the decisions
Everyone helps make decisions
8
Multiple Choice
According to the Law of Scarcity, people's needs and wants are....
Unlimited
Huge
Limited
Small
9
Multiple Choice
In a Market Economy the
People and businesses make decisions
The government make decisions
The people, businesses, and government make decisions
Ms.Bolin makes the decisons
10
Multiple Choice
Consumers are...
Items that are purchased for wants and needs
The people who buy goods and services
Work/activities that are purchased
How people and societies exchange goods and services
11
Multiple Choice
My candy show has a very low supply of chocolate. What should I do to the price of the chocolate to build up a bigger supply?
Lower the price
Raise the price
Keep the price the same
Throw the chocolate out
12
Multiple Choice
An economy is...
The price paid for a good or service
How much of a good or service is available
A system in which goods and services are produced
13
Multiple Choice
I live in a country where the government only allows me to sell black pants and white shirts. What kind of economy do I seem to live in?
Mixed Economy
Market Economy
Command Economy
14
Multiple Choice
I decided to open a popcorn stand on the side of the road and made TONS of popcorn. People are buying it, but I will probably have a lot left over at the end of the day. What should I do to the price?
Keep the price the same
Give away the popcorn for free
Increase the price
Drop the price
Economics
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