
The Market Economy
Presentation
•
Social Studies
•
•
Practice Problem
•
Easy
Joanne Beaver
Used 2+ times
FREE Resource
11 Slides • 22 Questions
1
2
3
Drag and Drop
4
Incentives/Self-Interest
Use the reading on pages 79 -
80 to complete the blanks on
the right. Questions, page 81
1
2
3
4
5
Word Bank
Buyers
Desire
Needs
Profit
Wants
5
Dropdown
People's own
6
7
Drag and Drop
Buyers and sellers freely
8
9
Drag and Drop
People are free to
10
11
Drag and Drop
Producers
12
13
Drag and Drop
The
14
15
For each of the following situations, identify what term best shows the situation. Use page 43 as a word bank.
16
Multiple Choice
Maria goes to the store and buys a new backpack shows:
Consumer
Competition
Scarcity
17
Multiple Choice
Tyler mows lawns and does yard work for $10 per hour. This shows
Supply and Demand
Consumer
Producer
18
Multiple Choice
Gas Station A sells gas for $3.75/gallon. Across the street, Gas Station B sells it for $3.74. Gas Station A lowers its price to $3.74. This shows
Supply and Demand
Competition
Scarcity
19
Multiple Choice
A car company made thousands and thousands of cars this year, but people haven't been buying as many cars. The car dealer lots are full. This shows
Competition
Scarcity
Supply and Demand
20
Multiple Choice
Liam spends $10 on lemonade mix and ice. On a hot day, he sets up a lemonade stand in his yard. At the end of the day, he has sold $20 worth of lemonade. This shows
Producer
Scarcity
Profit
21
Multiple Choice
Erin could make $24 this afternoon babysitting, or she could attend her grandma's birthday party. She decides to attend the party. She doesn't get the money, but her grandma is thrilled. This shows
Opportunity Cost
Scarcity
Supply and Demand
22
Multiple Choice
It's holiday time, and the hottest toy of the year sells out. People are paying ten times what it's worth online. This shows
Supply and Demand
Scarcity
Producer
23
For each of the following situations, consider if there is an incentive for the action - it's a smart move. Or, if there is a disincentive for the action - it's not a smart move.
24
Multiple Choice
Jason is thinking of getting some raspberries, but they're out of season and cost $6 for a tiny box.
Disincentive to buy
Incentive to buy
25
Multiple Choice
Acme, Inc. is thinking of making touch-screen computers. It can make computers for $500 each and sell them for $2,000 each.
Disincentive to produce
Incentive to produce
26
Multiple Choice
Beta, Inc. is thinking of making cars that run on water. It will cost $100,000 to make one car, but people won't pay more than $40,000 to buy one.
Disincentive to produce
Incentive to produce
27
Multiple Choice
Ann's house needs a new roof. She is thinking of doing the project this weekend with the help of her family. Roof shingles just went on sale for half price.
Disincentive to produce
Incentive to produce
28
Multiple Choice
Dr. Smith is thinking of opening a dentist office in Centerville. Right now the nearest dentist is in the next town, 40 miles away.
Disincentive to produce
Incentive to produce
29
Open Ended
Sam’s boss called to offer her an extra shift tonight. Sam wanted the money, but she’s got a big swim meet tomorrow and needed sleep. She told her boss to offer the shift to someone else.
The opportunity cost was:
30
Open Ended
Jason can put his money in a savings account and earn about 12 cents in interest this month, or he can loan it to Matt, who says he’ll return the money plus $20 at the end of the month. He loans it to Matt.
The opportunity cost was:
31
Open Ended
Lacey designs dresses. She can keep designing casual dresses that bring $65 but are easy to sell, or she could design formal gowns that sell for $500 but must be high fashion. She takes a risk on formal gowns.
The opportunity cost was:
32
Open Ended
If Zephyr, Inc. spends $2 million buying out its main competitor, it can earn $3 million in new sales. If it spends $2 million designing a new airship, it might make $4 million if it can sell 10 ships. It buys the competitor.
The opportunity cost was:
33
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