What Matters to Me?

Keystone Principle #5 – Incentives produce “predictable” responses

Click here for a printable PDF version of this Monthly Teaching Theme Assessment

Name _________________________________ School________________________________

Date _________________ Grade_________________________________

I. Understanding Concepts – Put an “A” in front of the statement if you agree and put a “D” if you disagree with the statement.

1. ___It is not important for me to find out what I do best.
2. ___Trading works best when only one person benefits.
3. ___Trading gives me more choices.
4. ___I want to produce goods and services at a low opportunity cost.
5. ___Trading works best when there is honesty between the people trading.
6. ___The conditions under which people trade have little or no effect on the benefits of trading.

II. Vocabulary – Match each word with its definition.

____ 7. Specialization
____ 8. Perception of value
____ 9. Goods
____ 10. Services
____ 11. Producers
____ 12. Consumers
____ 13. Opportunity cost
____ 14. Trade

a. Activities performed by people, firms, or government agencies to satisfy economic wants.
b. The value given to a good or service by an individual based on his or her value system.
c. People and firms that use resources to make goods and services.
d. Tangible objects that satisfy economic wants.
e. People who use goods and services to satisfy their personal needs.
f. A situation in which people produce a narrower range of goods and services than they consume this causes an increase in productivity.
g. The exchange of goods and services for money or other goods and services.
h. The second-best alternative (or the value of that alternative) that must be given up when scarce resources are used for one purpose instead of another.

III. Skills – In the blanks put G if the item is a GOOD, put S if the item is a SERVICE, and put N if it is NEITHER a good nor a service.

13._____ haircut
14._____ shoes
15._____ television
16._____ fixing electric wires
17._____ gold
18._____ collecting trash
19._____ bubble gum
20._____ sunshine
21._____ teaching students

Mark a Y for Yes if this is a good trade or an N for No if this is a bad trade.

____ 24. You have a couple slices of pizza and someone else wants to trade you for their spicy chicken wings. You do not like spicy food.

____ 25. You have a Football Xbox game for Christmas and your friend got a Basketball Xbox game for Christmas. You like basketball and he likes football.

____26. You have a neighbor who just had back surgery and it snowed 2 feet last night. You offer to shovel your neighbor’s driveway in exchange for him cooking you dinner.

IV. Relevance

27. Where do you see yourself using the information you learned about choices and consequences?

28. Please rate the impact that studying about choices & consequences has had on your life. Circle the number below:

0 – No Impact

1 – A little impact

2 – Moderate amount of impact – I might consider it

3 – Quite a bit of impact – I see how it fits and appreciated learning about it

4 – Great Impact – I understand how important it is to my life and will use the information I learned