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Enerprising 4th Graders! Flashcards | StudBud
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Enerprising 4th Graders!
Enerprising 4th Graders!
20 terms
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StudBud Administration
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292 plays
An #economics game to introduce the basics of the Free Enterprise System
Flashcards
20 cards
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Practice quiz
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Host live
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Questions
20
Answers
1
What is "scarcity"?
being short in stature
too much of an item
running away
insufficiency or shortness of supply
2
What is the "economy"?
trying to "con" or fool people
the management of the resources of a community, country, etc
government control of business
a cheap seat at a concert
3
What is a "good"?
an item you can see/touch
a soccer ball
pizza
all of the above
4
What are "Taxes"?
Texas...misspelled...
Money paid by the government to businesses and consumers
Money paid to the government by businesses and consumers
Money paid to employees for doing their job
5
"What are "Business Costs"?
annoying your friends when you won't give them discounts
vacation days
The money which must be paid to operate a business
coupons
6
What is a "salary"?
a service
a cat
a type of vegetable
money paid to an employee for doing their job
7
What is "supply"?
the amount of a good/service available
crayons
toys
money paid to an employee
8
What is "demand"?
an order from your boss
items you would like to buy but cant afford
parsley
the amount of a good/service wanted by consumers
9
What are "producers?"
bugs
people who make, grow or provide goods/services
government employees who collect taxes
people who purchase goods/services
10
What are "consumers"?
people who purchase goods and services
the people in a store who take your money
money paid to the government by businesses
people who eat a lot
11
Business costs = S.M.A.R.T. What do the letters stand for?
Suzie, Mary, Andy, Ryan, Tex
salaries, materials, ads, rent, taxes
sushi, mavericks, ants, ribs, tables
supply, materials, ads, rent, taxes
12
What is a "profit"?
free money
a person who predicts the future
money paid to the government by businesses and consumers
The money a business has left after paying business costs
13
What is a "service"?
the action of doing work for someone
soccer ball
pizza
all of the above
14
What does "supply/demand" have to do with the price of goods/services?
If demand is high, the price goes down.
If demand is higher than supply, price goes down.
If demand is higher than supply, price goes up.
If supply is high, the price goes up.
15
What is "specialization"?
becoming an expert in a particular skill
the money paid to an employee for doing their job
a government employee who collects your taxes
a fancy bicycle
16
What is "Division of Labor"?
dividing production into many parts workers do only one part
eating only the part of lunch that you like
making your sibling do your chores
a math problem
17
Which business made a profit?
Snack Shop: $95 in expenses, sold $102 worth of snacks
Photo Shop: $80 in expenses, sold $30 worth of pictures
Gift Shop: $98 in expenses, sold $89 worth of gifts
Jewelry Shop: $100 in expenses, sold $100 worth of jewelry
18
What is "Interdependence"?
money paid to the government by businesses and consumers
the money left over after business costs are paid
Relying on each other
a new dance craze
19
What is "Opportunity Cost"?
money paid to the government
the good/service you would like to buy, but can't afford.
the money you pay to go to a movie
the money paid to an employee for doing their job
20
What is the "Free Enterprise System"?
money paid to the government by businesses
where you go to get free stuff
an economy controlled by the government
an economy with private business, little government control
