Unit 14 Final Assessment 6/2/2021

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True or False: The new United States had a lot of debt after the Revolutionary War.

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Under the Articles of Confederation, how much power did the government have over the economy?

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The Constitution gives the government the power to do what?

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What is the name of the economics book written by Scottish philosopher Adam Smith?

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A person who buys or uses goods is a _____________?

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The physical product that can be bought or sold is a ___________________.

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The person or business that makes or sells an item is the ___________________.

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The amount of goods available to buy is the __________________.

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A task or job done for payment is a ________________

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The amount a good or service is wanted is the _________________.

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If something is high in demand and the supply is low, will the price go UP or DOWN?

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If something is low in demand and the supply is high, will the price go UP or DOWN?

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The amount of money a person makes in a year is often called what?

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________________ is extra money you owe the bank when paying back a loan or debt.

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______________ is the total amount of money a business makes.

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________________ is the amount of money a business spends to operate.

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_____________ is the money a person or business owes after taking out a loan or borrowing money.

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_____________ is the amount of money left after a business subtracts expenses from their revenue.

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If my expenses are BIGGER than my income, I would go into debt.

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If my expenses are SMALLER than my income, I would go into debt.

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Ms. Erin wants to buy a new laptop. She makes 1,400 dollars every payday from her teaching job. The laptop she wants to buy is 600 dollars. How much money will she have leftover in profit from payday if she buys the new laptop?
Remember: revenue-expenses = profit

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Ms. Vics Bakery sold 1,200 dollars worth of cookies yesterday. She had to pay her employee's for their work, and she had to pay for the materials to make the cookies. In total, she spent 540 dollars in expenses. How much profit did Ms.Vic make?
Remember: revenue-expenses = profit

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Mr.Jimmy owns a lemonade stand during the summer. He goes out and buys lemons, sugar, cups and everything else he needs. He spends 150 dollars on all of his supplies. Mr. Jimmy only has a few customers his first day, and only makes 75 dollars in revenue. What is his profit? (HINT: Profit can be a negative number)
Remember: revenue-expenses = profit

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What kind of economy does the United States have?

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Which two Founding Fathers argued over the economy after the American Revolution?

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Which Founding Father wanted an economy based on farming?

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Which Founding Father wanted to create a national bank?

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Which Founding Father thought taxes were needed?

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Which Founding Father did not want to tax American citizens?

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Which Founding Father thought the government should have a large role in the economy?

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Which Founding Father thought the government should have a small role in the economy?

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Why is it important that every state in the US uses the same form of currency?

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Why does the government collect taxes? Why is collecting taxes important?

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States are allowed to place tariffs on other state's goods and services

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The US government is allowed to place tariffs on goods and services from other countries.

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Imagine a government worker knocks on your door. The worker says the government wants to build a road on land you own. How could you respond? What are your options?

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What kinds of programs or projects does the government spend tax dollars on?

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If you worked for the government and had the power to decide how to spend tax dollars, what would you do with the money? How would you spend it?

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True or False: The new United States had a lot of debt after the Revolutionary War.

Under the Articles of Confederation, how much power did the government have over the economy?

The Constitution gives the government the power to do what?

What is the name of the economics book written by Scottish philosopher Adam Smith?

A person who buys or uses goods is a _____________?

The physical product that can be bought or sold is a ___________________.

The person or business that makes or sells an item is the ___________________.

The amount of goods available to buy is the __________________.

A task or job done for payment is a ________________

The amount a good or service is wanted is the _________________.

If something is high in demand and the supply is low, will the price go UP or DOWN?

If something is low in demand and the supply is high, will the price go UP or DOWN?

The amount of money a person makes in a year is often called what?

________________ is extra money you owe the bank when paying back a loan or debt.

______________ is the total amount of money a business makes.

________________ is the amount of money a business spends to operate.

_____________ is the money a person or business owes after taking out a loan or borrowing money.

_____________ is the amount of money left after a business subtracts expenses from their revenue.

If my expenses are BIGGER than my income, I would go into debt.

If my expenses are SMALLER than my income, I would go into debt.

Ms. Erin wants to buy a new laptop. She makes 1,400 dollars every payday from her teaching job. The laptop she wants to buy is 600 dollars. How much money will she have leftover in profit from payday if she buys the new laptop?Remember: revenue-expenses = profit

Ms. Vics Bakery sold 1,200 dollars worth of cookies yesterday. She had to pay her employee's for their work, and she had to pay for the materials to make the cookies. In total, she spent 540 dollars in expenses. How much profit did Ms.Vic make?Remember: revenue-expenses = profit

What kind of economy does the United States have?

Which two Founding Fathers argued over the economy after the American Revolution?

Which Founding Father wanted an economy based on farming?

Which Founding Father wanted to create a national bank?

Which Founding Father thought taxes were needed?

Which Founding Father did not want to tax American citizens?

Which Founding Father thought the government should have a large role in the economy?

Which Founding Father thought the government should have a small role in the economy?

Why is it important that every state in the US uses the same form of currency?

Why does the government collect taxes? Why is collecting taxes important?

States are allowed to place tariffs on other state's goods and services

The US government is allowed to place tariffs on goods and services from other countries.

Imagine a government worker knocks on your door. The worker says the government wants to build a road on land you own. How could you respond? What are your options?

What kinds of programs or projects does the government spend tax dollars on?

If you worked for the government and had the power to decide how to spend tax dollars, what would you do with the money? How would you spend it?

What is an entreprenuer? (describe what they do and what characteristics they have)

Ms. Erin wants to buy a new laptop. She makes 1,400 dollars every payday from her teaching job. The laptop she wants to buy is 600 dollars. How much money will she have leftover in profit from payday if she buys the new laptop?
Remember: revenue-expenses = profit

Ms. Vics Bakery sold 1,200 dollars worth of cookies yesterday. She had to pay her employee's for their work, and she had to pay for the materials to make the cookies. In total, she spent 540 dollars in expenses. How much profit did Ms.Vic make?
Remember: revenue-expenses = profit