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