ECON 101: QUIZ REVIEW GAME
TYPE OF
TRUE OR FALSE
DEFINE
ANSWER & EXPLAIN
ECONOMY
SCARCITY
If Burger King moves next
to McDonalds, the price
of hamburgers will be less
expensive.
Part Free Market
Economy and Part
Command Economy
QUESTIONS
If Snickers has doubled in
price and Reese’s price has
stayed the same, then people
will most likely buy which
candy bar Snickers or Reese’s?
OPPORTUNITY Non-Renewable resources Government controls all What are Goods and Services?
are iPhones and iPads.
production
-Cite Examples of each.
COST
GDP
HUMAN
SERVICES
SUPPLY &
DEMAND
Economics studies how
people use resources to
fulfill their wants & needs.
Generally, the greater the
supply and the lower the
demand, the lower the
price will be.
Generally, when the
demand is high and the
supply is low, the prices
will be higher.
People grow/hunt what
they need to live
UGG Boots has plants running
24 hours a day to make winter
boots, but is unable to produce
enough to meet the demand. If
UGG cannot increase
production and demand
continues to increase, will the
price of boots
INCREASE or DECREASE? Supply and demand
determine what is
produced/sold
What is MICROEconomics, and MACROEconomics?
The U.S.
Has what type of an
economy?
What are examples of
Nonrenewable Resources?
FOR THE QUIZ REVIEW:
• Format: T/F, Multiple Choice and Matching.
• Review this game at home and use your notes to figure out the
answers.
Study these but you CAN’t use them on the quiz:
1. The Econ 101 Vocabulary List
2. Review PPT Slide Shows that go with the Econ 101 Worksheets
Part I and II -http://lakeharriet.mpls.k12.mn.us/7th_Grade_Homework
3. You CAN use the following on the quiz:
4. Econ 101 Worksheets, Part I (Intro) and Part II (Supply & Demand)
5. Notes from class in notebook
6. Note: Review definition of scarcity that was revised.