Economics Review Game

1. Economics Review Game

2. You have a Kit Kat Bar to split among 4 other classmates. Describe the allocation system that you could use and be sure to defend why that is the best choice.

3. An example of a good is: Your favorite HAT THE TEACHER THE MECHANIC

4. Correct Answer A. Your favorite HAT

5. If there are too many goods and services, what is this called? Capital Goods SURPLUS Scarcity

6. Correct Answer B. surplus

7. A doctor, teacher, lawyer, maid, and barber are all examples of Goods services Human resources

8. Correct Answer b. services

9. What is created where people have unlimited wants, but there are limited resources? Opportunity cost scarcity revenue

10. Correct Answer b. scarcity

11. What allocation method gives out resources by assigning people a number and letting only those selected use the resources? Supply and demand Lottery system Command system

12. Correct Answer b. Lottery system

13. Iron ore in this production of steel, aluminum, in the production of cans, rubber in the production of tires. These are examples of which productive resource? Labor supply Capital goods Natural resources

14. Correct Answer C. Natural resources

15. Why are capital goods important for the production of goods? They enable workers to make more goods with the same effort They make everything fair There is not anything important about them

16. Correct Answer A. They enable workers to make more goods with the same effort

17. Where do consumers and producers meet to buy and sell? Division of labor Marketplace Labor supply

18. Correct Answer b. Marketplace

19. Which would be an example of an entrepreneur in action? A cheerleader A worker A person who started their own business selling lemonade

20. Correct Answer c. A person who started their own business selling lemonade

21. Your mom collects the dirty dishes from the dinner table. She gives them to you to put in the sink, your sister washes the dishes and then your sister hands them to your dad to dry the dishes. This routine happens nightly at your house and shows an example of: A normal family Sharing equally Division of labor

22. Correct Answer c. division of labor

23. An example of Specialization is: A region puts its resources into making the products it’s most efficient at producing Sharing equally sending jobs to different countries

24. Correct Answer A. region puts its resources into making the products it’s most efficient at producing

25. USING THE PICTURES BELOW, WHAT BEST EXPLAINS WHY MICHIGAN IS MORE EFFICENT AT PRODUCING AUTOMOBILES, FLORIDA AT GROWING ORANGES, AND GEORGIA FARMERS GROWING THE BEST PEACHES? Using the pictures below, what best explains why Michigan is more efficient at producing automobiles, Florida at growing oranges, and Georgia farmers growing the best peaches? They each have a mix of human and natural resources, specific by their region Their items are cheaper in that state Their workers are more experienced

26. Correct Answer A. They each have a mix of human and natural resources, specific by their region

27. FISHERMEN IN OHIO SPECIALZIE IN CATCHING YELLOW PERCH, AND FISHERMEN IN ALASKA SPECIALIZE IN CATCHING WILD SALMON. OHIO AND ALASKA TRADE FISH WITH EACH OTHER.How do consumers benefit from the specialization of the fishing industry in Alaska and in Ohio? Consumers in alaska and ohio sell more fish Consumers in alaska and ohio get more quality fish More types of fish are avaliable to consumers

28. Correct Answer C. More types of fish are avaliable to consumers

29. In an automobile plant, the ________ is important to help manufacture more cars. Manager Assembly line location

30. Correct Answer b. Assembly line