stud
bud
Sign up
Log in
Home
Library
Explore
SAT
More
Economics Quiz created by Mrs. Clunk's 5th graders Flashcards | StudBud
Explore
/
Economics Quiz created by Mrs. Clunk's 5th graders
Economics Quiz created by Mrs. Clunk's 5th graders
30 terms
·
StudBud Administration
·
274 plays
Vocabulary/concept review for grade 5 economics
Flashcards
30 cards
F
Practice quiz
P
Host live
L
Questions
30
Answers
1
Learning about economics is ___________.
important to your future.
not important.
fun.
easy when you practice the vocabulary words and study.
2
Which type of resource is the owner of Pizza Club?
natural resource
capital resource
community resource
entrepreneurship
3
Why can't we have everything we want?
Scarcity causes us to make financial decisions.
You need a job.
Your parents won't let you.
We have too much money.
4
Which type of resource is a store employee?
entrepreneurship
human resource
capital resource
natural resource
5
Which is a good?
a chair
a firefighter
a banana
a police officer
6
What are "people that make the goods"?
goods
producers
services
exports
7
People who buy goods and services are
producers.
silly.
consumers.
imports.
8
You wanted a book and a ball You had enough cash to buy only the ball. What is the book?
your opportunity cost
your savings account
a financial decision
your checking account
9
What is the item that you could NOT buy? (It is a sacrifice.)
Buy it later.
a personal finance
opportunity cast
opportunity cost
10
What are services?
making money
a house
a business
doing something for someone
11
What is an import?
a job
a budget
a good shipped out of a country
a good shipped into a country
12
What is a demand?
how much of a good or service people want
doing something for someone
Give it to me!
nothing
13
The study of goods and services and how they are made and sold is ______.
supply
economics
entrepreneurship
demand
14
Capital resources are goods used to make other goods and services. Name them.
tools, buildings, machinery, and money
tools, buildings, cash and monkeys
tools, buildings, cash, and people
tools, buildings, machinery, and people
15
What is an example of a human resource?
all of the above
a doctor
a teacher
a cashier
16
What is it called when you want two goods but can only buy one?
a good
a productive resource
a service
a financial decision
17
Which type of resource is cash?
natural resource
capital resource
entrepreneurship
human resource
18
Which type of resource is water?
natural resource
human resource
entrepreneurship
capital resource
19
True or False: Are supply and services the same?
True
False
20
What is the difference between income and debt?
Debt is what you earn, while income is what you owe.
Debt is when you have too much money, while income is free.
Income and debt mean the same.
Income is what you earn, while debt is what you owe.
21
What is a plan for managing money?
a budget
interdependence
debt
income
22
Why would the cost of a good be high?
The demand is low.
When it isn't a good.
The demand is high.
The supply is high.
23
Productive resources are resources used to make goods and services. Name one.
human resources
entrepreneurship
natural resources
capital resources
24
Money is kept in a savings account
to keep banks open.
so you don't spend it.
to make bankers rich.
for safekeeping.
25
Examples of services include_____________.
police officers, teachers, and lightbulbs
police officers, doctors, and pizza
police officers, nurses, and teachers
electricians, plumbers, and Takis
26
From where do raw materials come?
trees
humans
Mrs. Clunk
natural resources
27
What does "entrepreneur" mean?
orange juice
human resources
someone who owns a business
28
What is a need?
You can't buy everything you want.
something you wear
something we must have to survive
things we would like to have
29
If the demand is low, the cost will probably ______
lower
increase
rise.
decrease
30
What is the meaning of a supply?
the amount of goods and services
how much something costs
The price is low.
how much goods and services people want
