Nfms 7Th Grade Economy

Front 1

The way people get the most from their resources of land, labor, and man-made materials

Back 1

economics

Front 2

One-time expenses an entrepreneur incurs when starting a business.

Back 2

start-up costs

Front 3

What sport does Mr. Stringer play

Back 3

Lacrosse

Front 4

What channel is the I Carly show on

Back 4

Disney

Front 5

Costs that cannot be recovered

Back 5

Sunk Cost

Front 6

the amount of money left over after expenses are taken out

Back 6

Profit

Front 7

The inability to satisfy all wants at the same time is called

Back 7

Scarcity

Front 8

The factors of production such as natural, human, capital, and entrepreneurship used in the production of goods and services are also called

Back 8

Resources

Front 9

Selecting an item from a set of alternatives is called

Back 9

Choice

Front 10

Adam enters a store and finds a tennis racket and a baseball bat he would love to have. He only has enough money for one of those items and chooses to purchase the baseball bat. The tennis racket is considered the

Back 10

Opportunity Cost

Front 11

The amount of money excahnged for a good or service is called the __?__. Supply and demand help determine this.

Back 11

Price

Front 12

Individuals and government share the decision-making process in which type of economy?

Back 12

Mixed

Front 13

The local Ford dealership is having a sale on their 2004 model cars and trucks in order to motivate people to come in to the store. This is called a(n)

Back 13

Incentive

Front 14

Markets are allowed to operate without undue influence from the government in this economy.

Back 14

Market

Front 15

Stores are government controlled and wages are set by the government in this economy.

Back 15

Command

Front 16

All of the following are characteristics of ths US economy EXCEPT?

[A] Private Property

[B] Consumer Sovereignty•

[C] Centrally-planned economy

{D] Competition

Back 16

Centrally-planned economy

Front 17

People must make choices because even in the richest nations of the world resources are:

Back 17

Limited

Front 18

The situation where needs are greater than resources, is known as:

Back 18

scarcity

Front 19

True or False - Even the U.S. with all of its resources, cannot satisfy all of the wants and needs of its people. All nations and all economic systems most cope with scarcity.

Back 19

True

Front 20

Productive resources - land, labor, capital and entrepreneurship - are in limited supply in the world, but some nations are richer in these resources than others. The U.S. can be considered resource rich because it has:

Back 20

A large supplies of metals, minerals, and fossil fuels in the earth and the land is fertile.

A large labor force, and most of the people are educated and skilled.

Ample capital to invest in government projects and business expansion.

Front 21

Individuals, families, communities and nations deal with the problem of scarcity by making

Back 21

Choices

Front 22

Types of resources in a free market economy are

Back 22

natural, human, capital and entrepreneurship

Front 23

The amount of a good that consumers are willing to buy at a certain price is

Back 23

Demand

Front 24

The amount of a good that producers are willing to make or sell at a certain price

Back 24

Supply

Front 25

The price of lettuce would be most likely to increase if:

Back 25

The supply of lettuce was lower than usual but the demand was high

Front 26

How are decisions made in a traditional government?

Back 26

Customs and habits

Front 27

Per Capita income is_____in countries that are____?

Back 27

Higher and wealthier

Front 28

Japan has decided to limit the number of cars they will see the U.S to 23 million. This is an expamle of

Back 28

Quota

Front 29

Any form of wealth is concidered

Back 29

capital

Front 30

Buying and selling is to ___ as currency is to____

Back 30

trade/money

Front 31

Nigeria has an abundance of oil and has devoted most of their wealth to developing this industry. Nigeria is practicing?

Back 31

Specialization

Front 32

Henry Ford develop the first factory to use assembly line. Since he took a risk with this business operation with the expectation of making a profit, he would be an?

Back 32

Entrepeneur

Front 33

The US paid people to replace their old car with a more efficient one, it was called cash for clunkers. This is an example of Government ____

Back 33

Spending

Front 34

The Gross Domestic Product of a country is the total value of all?

Back 34

goods and services produced in a country in a year

Front 35

What types of trade barriers are there?

Back 35

Desert, Tariff, Quota

Front 36

A family purchase stock in the form of real estate in order to make a profit. This is an example of?

Back 36

Investing

Front 37

Mr. Stringer puts 20% of his allowance in the bank every month to be sure he has money for special things like a gift for his wife. He is doing what with he money?

Back 37

Saving

Front 38

Certain taxes interfere with trade because they raise prices and make it less profitable for the countries to their goods in foreign markets. these are?

Back 38

Tariffs

Front 39

North Korea makes most all economic decisions for the people they have a ______ economy

Back 39

Command

Front 40

Us finds of China has been putting lead paint in some toys they have been selling to the US companies. The US decides to put a ______ on China?

Back 40

Embargo

Front 41

To sell to another country is______ when the country receives it it is a ______

Back 41

export /import

Front 42

Most companies in the world today have a ______ economy?

Back 42

Mixed

Front 43

Mr Stringer is the best Social Studies teacher in the 7th grade

Back 43

true