Question 1

Because of ______________, economic decisions must be made.&#10;A) fluency&#10;B) scarcity&#10;C) reciprocity&#10;D) recency

Accepted Answer

Scarcity is the fundamental economic problem of having seemingly unlimited human wants in a world of limited resources. It necessitates making decisions on how to allocate resources efficiently.

Question 2

The most prevalent way to introduce economics in elementary classrooms is through&#10;A) what is commonly called &#34;needs and wants.&#34;&#10;B) children's literature.&#10;C) family budgets.&#10;D) simulations of economic principles.

Accepted Answer

The concept of "needs and wants" is a fundamental economic principle that is easily understandable by young students, making it the most prevalent way to introduce economics in elementary classrooms. This approach helps children differentiate between essentials and desires, laying the groundwork for more complex economic concepts.

Question 3

The distribution of goods and services is referred to as&#10;A) gathering.&#10;B) surplusing.&#10;C) congregating.&#10;D) marketing.

Accepted Answer

The distribution of goods and services is referred to as marketing, which encompasses the activities a company undertakes to promote the buying or selling of a product or service.

Question 4

The opportunity cost of a decision is the&#10;A) price you pay in the marketplace.&#10;B) next alternative you give up when you make a choice.&#10;C) options available with any economic decision.&#10;D) choice made when the first option is unavailable.

Accepted Answer

The opportunity cost of a decision refers to the value of the next best alternative that you forego when you make a choice. It represents the benefits you could have received by taking the next best alternative action.

Question 5

In a ______________ economy, the government regulates the supply and price of goods and services.&#10;A) traditional&#10;B) mixed&#10;C) command&#10;D) market

Accepted Answer

In a command economy, the government has the authority to regulate the supply and price of goods and services, making decisions about what is produced, how it is produced, and for whom it is produced.

Question 6

Teachers often use ___________________ to help students manage their economics decision-making skills.&#10;A) tests/quizzes&#10;B) journals&#10;C) graphic organizers&#10;D) textbooks

Accepted Answer

Graphic organizers are tools that teachers use to help students visualize and organize information. In the context of economics, they can help students understand complex concepts, compare different economic systems, or make decisions by visually mapping out options, benefits, and drawbacks.

Question 7

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

Accepted Answer

The answer of How should economics be taught in an...

Deck 12: Economics: Thinking and Choosing Responsibly