Deck 12: Economics: Thinking and Choosing Responsibly

Question 1

Because of ______________, economic decisions must be made.

A) fluency
B) scarcity
C) reciprocity
D) recency

Answer 1

scarcity

Question 2

The most prevalent way to introduce economics in elementary classrooms is through

A) what is commonly called "needs and wants."
B) children's literature.
C) family budgets.
D) simulations of economic principles.

Answer 2

what is commonly called "needs and wants."

Question 3

The distribution of goods and services is referred to as

A) gathering.
B) surplusing.
C) congregating.
D) marketing.

Answer 3

marketing.

Question 4

The opportunity cost of a decision is the

A) price you pay in the marketplace.
B) next alternative you give up when you make a choice.
C) options available with any economic decision.
D) choice made when the first option is unavailable.

Question 5

In a ______________ economy, the government regulates the supply and price of goods and services.

A) traditional
B) mixed
C) command
D) market

Question 6

Teachers often use ___________________ to help students manage their economics decision-making skills.

A) tests/quizzes
B) journals
C) graphic organizers
D) textbooks

Question 7

How should economics be taught in an elementary school social studies program?