Transcript Math Jeopardy

Bartering
Wants
and Needs
Interdependence
Supply
And Demand
Scarcity
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Another word for bartering
Trade
Give an example of a time in U.S.
history when people bartered.
Possible Answers:
Explorers traded weapons for the
Native American’s food.
At recess today, John traded his soda
for Martin’s candy bar. This is an
example of
Barter
If you had an overabundance of
tomatoes you would have a
_________.
Surplus
How do people use
bartering today?
Some examples are:
Online bartering
Trading services for goods
All of the following are wants
except for:
Toothbrush
What is the difference between a
want and a need?
A need is something
that you must have
in order to live, and
a want is something
you can live without.
Give 2 reasons why you may want
something, even though you don’t
need it.
Some answers:
A friend has one.
You see it on TV.
Looks fun.
Cool colors.
Sort these into needs and wants.
Clothes, high heels, teddy bear,
medicine, house, necklace
Needs:
Clothes
House
Medicine
Wants:
High heels
Teddy Bear
Necklace
How do commercials influence
a buyers decision?
They make their
product look really
cool and very fun.
They make you feel
like you need their
product.
Define Interdependence.
Interdependence means
dependent on others for some
needs.
How does world trade benefit
you?
We receive most of our products
from other countries. If products
were only made in the U.S., they
would cost much more.
What are some reasons why
countries wouldn’t want to trade
with others?
Answers will vary.
Countries could be at war
Specialization
Natural Disasters
Columbia is known for the coffee
that it produces. This is an example
of _______________.
Specialization
Why can’t all countries be selfsufficient?
All countries can’t be self-sufficient
because not every country has the
resources needed to be selfsufficient.
Define supply.
Supply is how much of an object
there is.
For example, if there are 4 teddy
bears. The supply of teddy bears
is 4.
If the demand is high and the supply is
low, then the price will ___________.
If the demand is
high and the
supply is low, then
the price will go
up.
You go to a store to buy a 6 oranges. The store
has 2 oranges left. Decide whether the supply is
high or low?
The supply is low.
There are 7 dolls, 5 cars, and 11
basketballs in the toy store. There
are 5 consumers that want dolls, 6
consumers that want cars, and 8
consumers that want basketballs.
What is the demand for the dolls?
Prove whether the price
would be high or low.
Hank wants a new video
game. The store has 4.
There are 12 people who
want the game. Would the
price be high or low? Why?
The price would be high,
because when the demand is
high and the supply is low the
price goes up.
Define scarcity.
Scarcity means you can never have
every thing you want. Resources are
limited.
Scarcity means we have to
make choices. Sometimes when
we make a choice, we leave
another choice behind. What is
this choice called that is left
behind?
Opportunity Cost
Give me an example
of a choice and an
opportunity cost that
you made today.
Answers may vary.
Ms. Johnson
decided to wake up
this morning. Her
opportunity cost
was to sleep in.
How do individuals, communities
and countries attempt to address the
problem of scarcity?
People limit their use of the resource. They
share the resource and determine the best use for
the resource. For example: There are only a
limited number of resources such as workers,
machines, factories, raw
materials etc. Yet there are a number of different
ways in which they could be used.
Which item is the most
scarce?
Diamond
Economics Jeopardy Game
• Ms. Lauren Johnson
• 5th Grade
• Resources:
– Brain Pop Junior. (2003). Wants and Needs. Retrieved March 21,
2009, from BrainPopJunior:
www.brainpopjunior.com/socialstudies/needsandwants
– Buggey, D. J. (2005). Exploring Where and Why. Chicago:
NYSTORM.
– EconEdLinks. (2001). Retrieved April 1, 2009, from Econedlinks:
www.econedlink.org