are you smarter than a fifth grader?. welcome to the econ challenge

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Are You Smarter than a Fifth Grader?

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Page 1: Are You Smarter than a Fifth Grader?. Welcome to the Econ Challenge

Are You Smarter than aFifth Grader?

Are You Smarter than aFifth Grader?

Page 2: Are You Smarter than a Fifth Grader?. Welcome to the Econ Challenge

Welcome to theEcon ChallengeWelcome to theEcon Challenge

Page 3: Are You Smarter than a Fifth Grader?. Welcome to the Econ Challenge

ECON ChallengeECON Challenge$100.00

WantsWants Needs

GoodsGoods

ResourcesResources

ServicesServices

ProductionProduction

$100.00

$50.00

$50.00

$25.00

$25.00

$10.00

$10.00,

$5.00

$5.00

$1.00

Page 4: Are You Smarter than a Fifth Grader?. Welcome to the Econ Challenge

Goods - $100.00Goods - $100.00

In the book, The Big Green Pocketbook, the little girl’s mother bought many things she wanted. Name one good that she bought.Identify the main resources used in its production.

In the book, The Big Green Pocketbook, the little girl’s mother bought many things she wanted. Name one good that she bought.Identify the main resources used in its production.

Page 5: Are You Smarter than a Fifth Grader?. Welcome to the Econ Challenge

Goods- $100.00Goods- $100.00

The little girl’s mother bought a diamond ring. It is produced by a jeweler who combined diamonds (natural resource) with gold to produce a ring.

The little girl’s mother bought a diamond ring. It is produced by a jeweler who combined diamonds (natural resource) with gold to produce a ring.

Page 6: Are You Smarter than a Fifth Grader?. Welcome to the Econ Challenge

Services - $100.00Services - $100.00

In the book, The Big Green Pocketbook, the little girl’s mother also met several people who provided different services. Name one service that she bought. Identify the human resource who provided this service.

In the book, The Big Green Pocketbook, the little girl’s mother also met several people who provided different services. Name one service that she bought. Identify the human resource who provided this service.

Page 7: Are You Smarter than a Fifth Grader?. Welcome to the Econ Challenge

Services- $100.00 Services- $100.00

Her mother went to a restaurant. The waitress was the human resource who provided a service of bringing her food. –OR-The jeweler was the human resource who provided the service of selling the diamond ring to her mother.

Her mother went to a restaurant. The waitress was the human resource who provided a service of bringing her food. –OR-The jeweler was the human resource who provided the service of selling the diamond ring to her mother.

Page 8: Are You Smarter than a Fifth Grader?. Welcome to the Econ Challenge

Resources - $50.00Resources - $50.00

If a jeweler uses the natural resources of gold and diamonds to produce a beautiful ring, what capital resources were used in its production?

If a jeweler uses the natural resources of gold and diamonds to produce a beautiful ring, what capital resources were used in its production?

Page 9: Are You Smarter than a Fifth Grader?. Welcome to the Econ Challenge

Resources - $50.00Resources - $50.00

The special tools that the jeweler used to produce the ring would be the capital resources.

The special tools that the jeweler used to produce the ring would be the capital resources.

Page 10: Are You Smarter than a Fifth Grader?. Welcome to the Econ Challenge

Services - $50.00Services - $50.00

If goods are things that people make or grow that satisfy economic wants, then what are services? Give 3 characteristics that distinguish services from goods.

If goods are things that people make or grow that satisfy economic wants, then what are services? Give 3 characteristics that distinguish services from goods.

Page 11: Are You Smarter than a Fifth Grader?. Welcome to the Econ Challenge

Services - $50.00Services - $50.00

A service can be identified by these 3 characteristics: 1-It is an action (job) that people do for each other. 2- It is something that you cannot touch or hold. 3- It is consumed at the instant it is provided.

A service can be identified by these 3 characteristics: 1-It is an action (job) that people do for each other. 2- It is something that you cannot touch or hold. 3- It is consumed at the instant it is provided.

Page 12: Are You Smarter than a Fifth Grader?. Welcome to the Econ Challenge

Resources - $25.00Resources - $25.00

Which of the following are not capital resources?a) Roads e) Chalkb) Bridges f) Gluec) Factories g) Teachersd) Lumber h) Machinery

Which of the following are not capital resources?a) Roads e) Chalkb) Bridges f) Gluec) Factories g) Teachersd) Lumber h) Machinery

Page 13: Are You Smarter than a Fifth Grader?. Welcome to the Econ Challenge

Resources - $25.00Resources - $25.00

g) Teachers They are human resources. g) Teachers They are human resources.

Page 14: Are You Smarter than a Fifth Grader?. Welcome to the Econ Challenge

Resources - $25.00Resources - $25.00

Natural resources are the gifts of nature that can be used to produce goods or services. Which one is not a natural resource? Tell why.a) Trees d) Water g) Cowsb) Sunshine e) Plants h) Roadsc) Soil f) Oil i) Coal

Natural resources are the gifts of nature that can be used to produce goods or services. Which one is not a natural resource? Tell why.a) Trees d) Water g) Cowsb) Sunshine e) Plants h) Roadsc) Soil f) Oil i) Coal

Page 15: Are You Smarter than a Fifth Grader?. Welcome to the Econ Challenge

Resources - $25.00Resources - $25.00

h) Roads Roads are made by people.

h) Roads Roads are made by people.

Page 16: Are You Smarter than a Fifth Grader?. Welcome to the Econ Challenge

Resources- $10.00Resources- $10.00

Human resources are people who do physical or mental work to produce goods or services.Which one is not a human resource? Explain.

a) Bus drivers d) Chemistryb) Carpenters e) Bankerc) Dentists f) Lawyer

Human resources are people who do physical or mental work to produce goods or services.Which one is not a human resource? Explain.

a) Bus drivers d) Chemistryb) Carpenters e) Bankerc) Dentists f) Lawyer

Page 17: Are You Smarter than a Fifth Grader?. Welcome to the Econ Challenge

Resources – $10.00Resources – $10.00

d) Chemistry Chemistry is not a human.

Chemists would be the people who study chemistry.

d) Chemistry Chemistry is not a human.

Chemists would be the people who study chemistry.

Page 18: Are You Smarter than a Fifth Grader?. Welcome to the Econ Challenge

Wants - $5.00 Wants - $5.00

People want many things. Which one would be classified as a need instead of a want? Explain your answer.a) Sneakers d) Airb) Vacation e) Carc) Birthday party f) Cell phone

People want many things. Which one would be classified as a need instead of a want? Explain your answer.a) Sneakers d) Airb) Vacation e) Carc) Birthday party f) Cell phone

Page 19: Are You Smarter than a Fifth Grader?. Welcome to the Econ Challenge

Wants - $5.00Wants - $5.00

d) Air People need air to breathe or they die.

d) Air People need air to breathe or they die.

Page 20: Are You Smarter than a Fifth Grader?. Welcome to the Econ Challenge

Needs - $5.00Needs - $5.00

Name three needs that all humans have.Name three needs that all humans have.

Page 21: Are You Smarter than a Fifth Grader?. Welcome to the Econ Challenge

Needs - $5.00Needs - $5.00

Any three of the following can be named.

Air, water, food, shelter

Any three of the following can be named.

Air, water, food, shelter

Page 22: Are You Smarter than a Fifth Grader?. Welcome to the Econ Challenge

Production - $1.00Production - $1.00

Complete this statement:

ingredients + oven + ____ = Pizza

Complete this statement:

ingredients + oven + ____ = Pizza

Page 23: Are You Smarter than a Fifth Grader?. Welcome to the Econ Challenge

Production - $1.00Production - $1.00

Complete this statement:

ingredients + oven + chef = PizzaDon’t forget the human resource who

makes the pizza.

Complete this statement:

ingredients + oven + chef = PizzaDon’t forget the human resource who

makes the pizza.

Page 24: Are You Smarter than a Fifth Grader?. Welcome to the Econ Challenge

Production - $1.00Production - $1.00

Complete this statement:

Lumber + _____ + carpenter = House

Complete this statement:

Lumber + _____ + carpenter = House

Page 25: Are You Smarter than a Fifth Grader?. Welcome to the Econ Challenge

Production - $1.00Production - $1.00

Complete this statement:

Lumber + Hammer/Nails + carpenter = House

Must have these capital resources to hold the house together.

Complete this statement:

Lumber + Hammer/Nails + carpenter = House

Must have these capital resources to hold the house together.

Page 26: Are You Smarter than a Fifth Grader?. Welcome to the Econ Challenge

Thanks for PlayingThanks for Playing ECON Challenge

You Are Smarter than a Fifth Grader!

ECON Challenge

You Are Smarter than a Fifth Grader!

Page 27: Are You Smarter than a Fifth Grader?. Welcome to the Econ Challenge

ReferenceReferenceMontgomery County Public Schools. (2001). Economics and geography- where you live. In I. Office of Instruction and Program Development (Ed.), Third Grade Social Studies (pp. 1-32). Rockville, MD: Montgomery County Public Schools.

Gallagher, B. (Photographer). (n.d.). Powerpoint game template. [Print Photo]. Retrieved from http://jc-schools.net/tutorials/PPT-games/

Montgomery County Public Schools. (2001). Economics and geography- where you live. In I. Office of Instruction and Program Development (Ed.), Third Grade Social Studies (pp. 1-32). Rockville, MD: Montgomery County Public Schools.

Gallagher, B. (Photographer). (n.d.). Powerpoint game template. [Print Photo]. Retrieved from http://jc-schools.net/tutorials/PPT-games/