Economics 3
By V.Martinez
GLEs 40,46,47,48,49
1. What is it called when a person focuses on one particular job?
specialization
interdependence
demand
world trade
2. What do we call goods made somewhere else that are shipped INto the U.S.?
supply
import
export
3. What is it called when countries trade goods and services with each other?
Goods
Needs
Interdependence
Wants
4. What is it called when we depend on people or countries to get a job done?
5. When work is split up and each person has his own job to do
World Trade
Division of Labor
Specialization
6. Goods made in the U.S. and then shipped out to other countries.
Exports
Imports
7. The total amount of a good available for purchase
Import
Export
Supply
Demand
8. The want or desire to purchase a good
Want
9. Supply and demand can greatly affect the _____ of a product.
Price
Size
Color
Compatibility
10. When a new car is introduced to consumers, the price can often reflect how popular the car is with buyers. What can a car manufacturer do to keep the price of a car very high?
Create a cheaper model of the new car
Stop the new car from being built
Mass produce the car
Limit the number of new cars that are produced
11. When the price of a toy goes down, what is likely to happen?
It will sell the same.
More people will buy the toy.
Less people will buy the toy.
Nobody will buy the toy
12. The law of supply and demand applies to people as well as goods and services. What could occur if a person's skill is in demand in the work force?
The person could be ignored by business.
The person could lose the opportunity to work.
The person could do a poor job when he is hired.
The person could demand more money for his services.
13. If there is an increase in the price of food, what could the school cafeteria probably do?
Serve smaller portions of food to the students.
Increase the price of student meals.
Serve nutritional food to the students.
Employ fewer worksers in the cafeteria
14. The amount of product compared with how much of it sells at a certain price is an example of which of the following?
cash and credit
credit and interest
profit and risk
supply and demand
15. Christmas is approaching and decides to release a new game system. They are only able to make about 500 of them before Christmas. All of the boys and girls want this as a Christmas gift and beg their parents to buy it for them. Identify the
16. Christmas is approaching and Nintendo decides to release a new game system. They are only able to make about 500 of them before Christmas. All of the boys and girls want this as a Christmas gift and beg their to buy it for them. Who is the consu
17. Christmas is approaching and Nintendo decides to release a new game system. They are only able to make about 500 of them before Christmas. All of the boys and girls want this as a Christmas gift and beg their parents to buy it for them. What is the good
18. Christmas is approaching and Nintendo decides to release a new game system. They are only able to make about 500 of them before Christmas. All of the boys and girls want this as a Christmas gift and beg their parents to buy it for them. What will happen
19. Christmas is approaching and Nintendo decides to release a new game system. They are only able to make about 500 of them before Christmas. All of the boys and girls want this as a Christmas gift and beg their parents to buy it for them. What will happen
20. Christmas is approaching and Nintendo decides to release a new game system. They are only able to make about 500 of them before Christmas. All of the boys and girls want this as a Christmas gift and beg their parents to buy it for them. What will happe