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Mr. LoSasso Presents….

Mr. LoSasso Presents…. Economics Vocabulary Count UP! Review Game. Term that refers to ANYONE who uses goods and services…. CONSUMER. What term refers to an inadequate supply of resources (not enough)?. SCARCITY.

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Mr. LoSasso Presents….

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  1. Mr. LoSasso Presents…. Economics Vocabulary Count UP! Review Game

  2. Term that refers to ANYONE who uses goods and services… CONSUMER

  3. What term refers to an inadequate supply of resources (not enough)? SCARCITY

  4. In what TYPE of economic system are decisions made based on how things have been done in the past? TRADITIONAL

  5. What term refers to things or items we use that are produced? GOODS

  6. In what TYPE of economic system does the government make the economic decisions and owns most of the property? COMMAND

  7. What TYPE of resource are those found in the environment? NATURAL

  8. What TYPE of NATURAL RESOURCE can be replenished naturally? RENEWABLE

  9. Which is the ONLY RENEWABLE resource? COTTON TOPSOIL GRAVEL COTTON

  10. What term refers to ANYWHERE goods are sold or traded? MARKET

  11. What term refers to an amount paid to an individual for services provided? WAGES

  12. ONLY 1 of the following items are NOT considered a NATURAL RESOURCE…which is it? G L A S S COPPER ORE SOLAR ENERGY GLASS TREES

  13. What TYPE of NATURAL RESOURCE cannot be replenished naturally (in other words, once its gone, its gone FOREVER)? NON-RENEWABLE

  14. What is ANOTHER NAME for a MARKET economy? CAPITALISM, FREE MARKET, LAISSEZ-FAIRE, or FREE ENTERPRISE

  15. People who work are considered ----- resources. LABOR

  16. Labor resources can either be MENTAL (like a teacher) or -------- (like a construction worker). PHYSICAL

  17. _____1) glass A. cotton _____2) hamburger B. oil _____3) t-shirt C. quartz sand _____4) penny D. copper ore _____5) wool cap E. gravel _____6) wooden chair F. sheep _____7) sidewalk G. cattle F. Which would be the BEST match for the WOOL CAP? SHEEP

  18. _____1) glass A. cotton _____2) hamburger B. oil _____3) t-shirt C. quartz sand _____4) penny D. copper ore _____5) wool cap E. gravel _____6) wooden chair F. sheep _____7) sidewalk G. cattle A. F. Which would be the BEST match for the T-SHIRT? COTTON

  19. C. _____1) glass A. cotton _____2) hamburger B. oil _____3) t-shirt C. quartz sand _____4) penny D. copper ore _____5) wool cap E. gravel _____6) wooden chair F. sheep _____7) sidewalk G. cattle A. F. Which would be the BEST match for the GLASS? QUARTZ SAND

  20. C. _____1) glass A. cotton _____2) hamburger B. oil _____3) t-shirt C. quartz sand _____4) penny D. copper ore _____5) wool cap E. gravel _____6) wooden chair F. sheep _____7) sidewalk G. cattle A. D. F. Which would be the BEST match for the PENNY? COPPER ORE

  21. Get on your marks… Get set!!! FREE FOR ALL ROUND!

  22. In economics, the idea that if you choose more of one thing then you must choose less of another is known as “----------- Cost” O OP OPP OPPO OPPOR OPPORT OPPORTU OPPORTUN OPPORTUNI OPPORTUNIT OPPORTUNITY

  23. Name one of the 3 TYPES of PRODUCTIVE RESOURCES: NATURAL LABOR CAPITAL

  24. In what TYPE of ECONOMIC SYSTEM are resources owned by private citizens and economic answers come from the citizens participating in the economy. MARKET

  25. Look at this list of resources… COMPUTER WATER TOPSOIL TEACHER MECHANIC AIRPLANE OXYGEN HAMMER BLENDER DIAMONDS FIREMAN TREES PENCIL Name ONE item that is considered a CAPITAL RESOURCE… COMPUTER, AIRPLANE, HAMMER, BLENDER, DIAMONDS, PENCIL

  26. Look at this list of resources… COMPUTER WATER TOPSOIL TEACHER MECHANIC AIRPLANE OXYGEN HAMMER BLENDER DIAMONDS FIREMAN TREES PENCIL Name ONE item that is considered a RENEWABLE resource… WATER, OXYGEN, & TREES

  27. Look at this list of resources… COMPUTER WATER TOPSOIL TEACHER MECHANIC AIRPLANE OXYGEN HAMMER BLENDER DIAMONDS FIREMAN TREES PENCIL Name the ONLY MENTAL LABOR RESOURCE: TEACHER

  28. Look at this list of resources… COMPUTER WATER TOPSOIL TEACHER MECHANIC AIRPLANE OXYGEN HAMMER BLENDER DIAMONDS FIREMAN TREES PENCIL Name one item that is considered a PHYSICAL LABOR RESOURCE: MECHANIC & FIREMAN

  29. We have 3 essential NEEDS that have to be met to survive….NAME ONE: FOOD, WATER, & SHELTER

  30. Economics is the science of how people use resources to satisfy their NEEDS & -----. WANTS

  31. Which of the 3 MAJOR economic systems is being described in the following scenario? You decide to sell your stuff on Ebay. This online auction allows people to determine the price that they are willing to spend to get your stuff. Since you are selling Tree cards, you will likely make a FORTUNE! MARKET

  32. Which of the 3 MAJOR economic systems is being described in the following scenario? You desire to open your own shoe store. You ask the government for permission but are told “no” since there are already 5 other shoe stores in the town you live. You are unable to open your store. COMMAND

  33. Which of the 3 MAJOR economic systems is being described in the following scenario? You go to 4 different car dealers in order to find the very LOWEST price on a car. Each dealer has different prices and specials for you to choose from…. MARKET

  34. Which of the 3 MAJOR economic systems is being described in the following scenario? You are a farmer. You tend the land just as your father and grandfather have. You will teach your sons how to farm the land as well…. TRADITIONAL

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