At the end the Lunch Money a student will be able to better understand the basic economic terms addressed in the vocabulary and top ten.  If a teacher decides to assess the students on their cumulative knowledge after completing the Lunch Money lessons found here and here the following assessment could be used.

Lunch Money End of Unit Assessment

Written by Ashley Vaerst

1.  List the five steps in the decision making process.

     1.  __________________________________________ the problem.

     2. ___________________________________________ the possible alternatives.

     3. ___________________________________________ a ranking system.

     4. ___________________________________________ the alternatives.

     5. ___________________________________________ a decision.

2.  List an economic decision (real or fake) and how you would use the five steps in the decision making process to make your decision.

3.  In Lunch Money Maura sells home made oven mitts to her neighbors.  When she runs low on her oven mitt inventory, Maura raises the price of her product.  This demonstrates _________________________________ and ____________________________________.

4.  Greg is the ________________________________________________________________ of Chunky Comics.  This is a person who makes goods or products to sell.

5.  Greg sells lemonade to his neighbors.  He is able to set the price of his product because he is the only one on the block selling lemonade.  Greg's lemonade stand could be considered a ____________________________.

     a.  competition

     b.  scarcity

     c.  monopoly

     d.  consumer

6. What is one positive incentive in terms of economics ______________________________________________________________________.

7.  Maura is able to find a number of _____________________________________________________________ at school, from the Coke scoreboard to the posters selling candy, everywhere she looks these can be found.  This term is defined as print or media that says good things about something so people will buy it.

8. A __________________________________________is something that is not necessary, but would be nice to have.

     a. need

     b. want

     c. product

     d. decision

9. How does advertising influence economic decision making?

10.  All of the terms learned during the Lunch Money unit fall under what category?

     a.  Economics

     b.  Money

     c.  Investing

     d.  Eating

____________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

Answers:

1. 1. Define 2. Identify 3. Develop 4. Evaluate 5. Decision

2. Answers will vary

3.  Supply and Demand

4. Producer

5. c. Monopoly

6.  Answers will vary (could be free prize in the cereal box, Buy 1 Get 1 Free, Coupon for % off, Kids Eat Free...........)

7. advertisements

8. b. want

9. Answers will vary (See lesson plan three for more information).

10. a. Economics

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