1. 2 pt 3 pt 4 pt 5pt 1 pt 2 pt 3 pt 4 pt 5 pt 1 pt 2pt 3 pt 4pt 5 pt 1pt 2pt 3 pt 4 pt 5 pt 1 pt 2 pt 3 pt 4pt 5 pt 1pt True or False VocabularyResources Basic Economics Economic Systems

2. True or False 1pt If you pay a bike shop to repair your bike, you are buying goods????

3. FALSE – You are paying for a service when you pay for someone to fix your bike

4. True or False 2pts Goods can be physically weighed and measured, but services cannot???

5. TRUE – Goods are things that can be weighed and measured, Services are tasks performed for you!

6. True or False 3pts. Today, most economic systems are traditional

7. False – Most economic systems today are mixed.

8. True or False 4pts. Societies, not individuals, need to deal with a shortage of resources???

9. False – Both societies and individuals need to deal with a shortage of resources. That’s what makes payday so great!

10. True or False 5pts Sacrificing one good or service for another is called opportunity cost????

11. False –Giving up one good or service for another is called a trade-off.

12. Vocabulary 1pt When a good, service or resource is rare or difficult to find it is considered _________________?

13. Scarce is the term for goods, services or resources that are rare or difficult to find.

14. Vocabulary 2pts. A system in which the government controls the factors of production and makes all decisions about their use

15. Command economy is a system where the government controls the factors of production and makes all the decisions about their use

16. Vocabulary 3pts. Anything that can be used to make or obtain what you want or need is called ______________?

17. A Factor of Production or Resource is anything you can used to make or obtain what you want or need

18. Vocabulary 4pts. What is lost when you make a decision to use a resource for one want instead of another is called _________???

19. Opportunity cost is what is lost when a decision is made to purchase or produce something else

20. Vocabulary 5pts. Original ideas, thoughts and new processes used to produce goods or services are called __________ ?????

21. Entrepreneurial Resources are those new thoughts, ideas and processes used to create goods and services

22. Resources 1pt. Name a Capital Resource used to produce a Whopper.

23. Teacher will be the judge if the answer is correct or not. Other possible answers include: spatula, grill, or restaurant site.

24. Resources 2pts. Name a Human Resource that can be used to produce a Book

25. Teacher will be the judge if the answer is correct or not. Other possible answers include: Lumberjack, writer or Editor.

26. Resources 3pts. Name an Entrepreneurial resource that could be used in the production a computer

27. Teacher will be the judge if the answer is correct or not. Other possible answers include: iPods, Removable hard drives and Laptops

28. Resources 4pts. Name a natural resource/Land used to produce a taco salad

29. Teacher will be the judge if the answer is correct or not. Other possible answers include: Diamonds, oil or iron ore

30. Resources 5pts Name a resource that can be found in the United States

31. Teacher will be the judge if the answer is correct or not. Other possible answers include: Cattle, Corn or Wheat

32. Basic Economics 1pt Name a good and where a consumer could get that good

33. Teacher will be the judge if the answer is correct or not. Other possible answers include: Blizzard at Dairy Queen or Hammer at Menards

34. Basic Economics 2pts. Name a service and where a consumer could get that service

35. 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.

36. Basic Economics 3pts. Name a need and where a consumer could get that need.

37. Teacher will be the judge if the answer is correct or not. Other possible answers include: Food at HyVee or an apartment from CIP.

38. Basic Economics 4pts Name a scarce resource in the United States and where else we could get that resource

39. 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

40. 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?

41. The CD is his opportunity cost. It is what he lost when he chose to by the birthday gift with the $20.

42. Economic Systems 1pt. Another term for a capitalistic society is which type of market system

43. A market economy is also called a capitalistic system

44. Economic Systems 2pts Making economic decisions according to customs and beliefs is a characteristic of what type of economic system

45. Traditional Economic systems make decisions according to customs and beliefs.

46. Economic Systems 3pts. Economic Choice and Private ownership are characteristics of which countries Economic system?

47. Private Ownership and Economic Freedom are characteristics of the Economic System of the United States

48. Economic Systems 4pts What type of economic system will allow you to own your own business and keep all the profits

49. A market system allows both ownership of your own business and the ability to keep your profits

50. Economic System 5pt Which economic system combines features of a market system with features of a command market

51. A mixed economy combines features of a market economy and a command economy.