1. Are You Smarter Than a 6th Grader?

2. Are You Smarter Than a 6th Grader?
1,000,000
Are You Smarter Than a 6th Grader?
500,000
300,000
Trade II
Development
175,000
100,000
Supply and Demand
Economics II
50,000
Entrepreneurs
Wild Card
25,000
10,000
Economy
Trade
5,000
2,000
Economic Systems
More Economic Systems
1,000

3. 6th Grade Economic Systems Question
What economic system allows people and businesses the freedom to make the decision of what products and services they want to buy?

4. 6th Grade Economic Systems Answer
This type of freedom occurs in a market economy
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5. 6th Grade More Economic Systems Question
What type of economic system has every decision made about production done by the government?

6. 6th Grade More Economic Systems Answer
The government makes all decisions in a command, or in a pure communist system
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7. 6th Grade Supply and Demand Question
What would happen to the price of an item if the supply of an item decreased and the demand for an item increased?

8. 6th Grade Supply and Demand Answer
The price of the item would increase. The opposite thing would happen if the demand decreased and the supply went up.
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9. 6th Grade Economics II Question
What are the factors of production?

10. 6th Grade Economics II Answer
The factors of production are:
Human Resources
Capital Resources
Natural Resources
These are combined by an entrepreneur to make a new product, or a better way of doing something.
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11. 6th Grade Entrepreneurs
Why would it be risky to be an entrepreneur?

12. 6th Grade Entrepreneurs Answer
Entrepreneurs need to take risks in order to try and make a profit. Not all risks pay off and they could end up losing their business.
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13. 6th Grade Wild Card Question
What type of resource is shown below?

14. 6th Grade Wild Card Answer
This would be an example of a capital resource (a piece of equipment or machinery that helps people make a good or a service)
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15. 6th Grade Trade Questions
What is a tariff?

16. 6th Grade Trade Answer
A tariff is a tax that is placed on imported goods that is designed to be a barrier to trade. It causes an item to be cheaper in the country where it came from and to be more expensive to the countries that it is sent to.
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17. 6th Grade Trade II Question
Why do people trade goods and services?

18. 6th Grade Trade II Answer
People trade because they have something to gain from the person they traded with. They only trade if the trade will benefit both people.
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19. 6th Economy
What type of scenario would cause an economy to grow stronger?

20. 6th Grade Economy Answer
When production increases and consumers buy more goods this causes the economy as a whole to grow and causes the GDP to grow higher.
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21. 6th Grade Development Question
What is the difference between a developing nation and a developed nation?

22. 6th Grade Development Answer
A developed nation is a country with a developed economy and many industries. A developing nation is a country that does not have a well developed economy and does not contain many industries
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23. 6th Grade Chapter Review Question

24. 1,000,000 Question
What are the factors of production? (Define them all)

25. 1,000,000 Answer
Capital Resource – A tool, machine, or building that is used in the production of goods and services
Human Resource – Labor done by people
Natural Resource – Useful materials found in nature
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26. Thanks for Playing!