Economics

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1

When you make a choice, your ___________________ is the second thing you wanted most.

opportunity cost

2

The three type of resources used to produce goods and services are: ___________________, ___________________, and _____________.

capital, human, and natural

3

When production of a good or service is broken down into different steps with different workers performing each step,it is called ____________________________.

division of labor

4

In our country we have a _______________________ , where producers and consumers are both very important.

market economy

5

Scarcity means that we have to make ___________.

choices

6

Governments pay for the goods and services they provide by collecting __________________.

taxes

7

Sometimes families have a ______________ of money, because there is not enough to get them all they want.

scarcity

8

People usually _______________________ in a job, a skill they are good at or like to do.

specialize

9

Consumers but the ________________ that producers make.

goods

10

Businesses compete for consumers with the goal of earning a ____________________.

Profit

11

______________________________ has affected levels of employment in the U.S. and the types of jobs available.

Global Competition

12

Stores are in ________________ with each other, so they often lower their prices to make people shop there.

competition

13

When _______________ goes up, stores lower their prices.

supply

14

When people want items, the ________________ is high.

demand

15

When items become scarce, consumers often buy __________________________ instead of what they want.

substitute goods

16

Examples if positive incentives:

20% off sale, green ticket, Buy one get one free

17

Examples of Negative Incentives:

Fine for overdue books, speeding ticket, referral

18

What is an assembly line and what are the advantages of using it? (2 points)

1) An assembly line is a moving converyor belt where each worker specializes in doing one part of the job of making a good.

2) The advantages are the you can increase production (make more goods more quickly) and decrease the cost of the item.

19

Employed, Unemployed, or Not in the labor force:

Mrs. Alston is ______________________ by West Ottawa Public Schools as a teacher.

employed

20

Employed, Unemployed, or Not in the labor force:

An individual that is looking hard for a job, but can't find one is called _________________.

unemployed

21

Employed, Unemployed, or Not in the labor force:

All 4th grade students at Lakeshore are ______________.

not in the labor force.

22

Employed, Unemployed, or Not in the labor force:

My grandma who is 83 and retires is ______________.

not in the labor force.

23

Employed, Unemployed, or Not in the labor force:

My son just got a new job and is now _______________.

employed

24

The government provides public goods and services. Tell about three of them.

1) National parks

2) Education/ school systems

3) Roads and highways

4) Police and Military

5) Consumer and Product Safety Commision

6) U.S. Postal Service