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4th Grade Economics Flashcards | StudBud
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4th Grade Economics
4th Grade Economics
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Flashcards
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Questions
13
Answers
1
Keeping track of what you spend and make during a set period of time is called....
a profit
a business
a budget
a need
2
What productive resource would be a good title for the following list:
can opener, spoon, bowl
entrepreneurship
labor
land
capital goods
3
The ability to understand how money works and to know about business and finance is called...
financial literacy
budget
productive resources
income
4
Carl had an idea for a car repair shop and opened up his own business. This is an example of:
capital goods
labor
entrepreneurship
land
5
Why are entrepreneurs important?
They reach higher levels of education
They make more profits than any other business
They take risks to create products
They spend more money on their employees
6
A steel industry needs iron ore and water to make their product. These are examples of:
capital goods
land
labor
entrepreneurship
7
Max decides to buy new shoes after getting his paycheck. What he bought is an example of:
a profit
a mistake
a want
a need
8
Which statement describes an entrepreneur?
They produce goods or services
They do not use productive resources
They always make a profit
They rarely take risks
9
This is the type of economy the United States has:
free enterprise system
dictatorship
democracy
stock market
10
What is missing from this list: entrepreneur, land, labor,_____
capital
producer
natural resources
consumer
11
Handle's Ice Cream
hires
someone to restock ice cream. This is an example of:
entrepreneurship
land
labor
capital goods
12
What is made by a business after expenses are taken out?
profit
expenses
capital goods
entrepreneur
13
The factors of production are also known as....
Natural Resources
Productive Resources
Producers
Entrepreneur
