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4th Grade Economics Review Flashcards | StudBud
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4th Grade Economics Review
4th Grade Economics Review
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review for economics unit
Flashcards
17 cards
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Questions
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Answers
1
Which of the following is an example of capital resources?
oil
water
doctors
machines and factories
2
Fidget spinners are popular. The store keeps running out. This is an example of what?
supply and demand
opportunity cost
competition
substitute goods
3
Which of the following is an example of a natural resource?
cars
machines
trees
doctors
4
How does a high priced item impact a buyer's decision to buy the item?
Buyer might think that the supply is low and buy right away.
Buyer might decide to buy several of the item.
Buyer might shop around for a lower price.
Buyer might think demand is too high and check back later.
5
What is a consumer in economics?
an animal that eats a producer
a person who buys goods and services
a person who sells goods and services
a person who makes goods and services
6
Ms. Schug decided to sell Disney posters. Ms. Fleming loves Disney, so she bought 7. This is...
negative incentive
specialization
competition
voluntary exchange
7
If more than one business sells the same goods and services, what is that called?
demand
resources
a big problem
competition
8
What does this picture illustrate?
competition
positive incentive
negative incentive
profit
9
Which of the following is an example of human resources?
doctors
money
factories
trees
10
Which of the following is not an example of private goods or services?
groceries
schools
cars
computers
11
In a market economy, what do consumers do?
shop only at certain businesses
only spend money in the U.S.
choose how much to pay in taxes
shop around to find the best prices
12
There are a lot of houses for sale. What will buyers find?
supply is low so prices are high
demand is high so prices are high
demand is low so prices are high
supply is high so prices are low
13
Which of the following is NOT an incentive?
coupons
sale
income
fines
14
When someone produces only ONE kind of good or service, what is that called?
competition
incentive
supply
specialization
15
How does the division of labor affect productivity?
productivity will stay the same
productivity will cause prices to rise
productivity will decrease
productivity will increase
16
When a business makes more money than it takes to run the business, what is that called?
incentive
party
taxes
profit
17
Why did Henry Ford create the assembly line?
so he could increase the price of cars
so he could increase demand for cars
so he could hire more workers
so he could decrease the time needed to build a car
