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Fourth Grade Economics Flashcards | StudBud
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Fourth Grade Economics
Fourth Grade Economics
25 terms
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StudBud Administration
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103 plays
Economics and factors of production
Flashcards
25 cards
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Practice quiz
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Questions
25
Answers
1
A car, a CD, and a bike are all:
services
consumers
goods
natural resources
2
Which one of these is a service?
eating a cake
pencil erasers
popcorn bags
teaching a class
3
What natural resource is used to make a soda can?
rubber
aluminum
cement
flint
4
A carpenter's hammer is an example of:
land
capital
entrepreneurship
labor
5
You want to buy a new i-phone. What can you do to help with your goal?
Make a budget & put 1/2 your money in your savings account
all of the above
Make a budget and spend more money on movies.
Spend more money on candy.
6
If the harvest season for apples is in Fall, what would happen to the price of apples in Fall?
The price would go up because there is a surplus.
The price would go up because there is a shortage.
The price would go down because there is a surplus.
The price would go down because there is a shortage
7
There are 4 factors of production: entrepreneurship, capital, land, and ______________.
labor
investments
producers
consumers
8
Which of these is a good?
running a marathon
baking pies
sharpening a pencil
desktop computer
9
John opened his own bakery in town. Which factor of production does John represent?
entrepreneur
labor
capital
land
10
Scarcity occurs because:
no one will buy all the things they want
there are not enough products for everyone
there are too many goods in the store
someone is frightened
11
A bus driver, a teacher, and a police officer are all examples of people whose job involves:
selling an item
running a business
making an investment
providing a service
12
Economics is the study of:
the religious beliefs of a group of people
landforms
the customs and traditions of a society
how people use limited sources to get unlimited wants
13
The cakes that the bakery sells are examples of:
goods
services
entrepreneur
labor
14
Which is
NOT
an example of labor?
a cashier
a forest
a policeman
a lumberjack
15
What is the opportunity cost of getting a hair cut at Great Clips?
You get lots of compliments from your friends.
You have received the service of getting your hair cut.
You do not like your hair.
You no longer have the $10 that you paid for the hair cut.
16
The wood in a pencil is an example of:
labor
entrepreneur
capital
land
17
What is an important part of anyone's personal budget?
buying all of your friends presents
spending money as soon as you get it
none of the above
maintaining a savings account
18
John needs 3 bakers and 2 clerks to run his store. Which factor of production are the people?
capital
entrepreneur
land
labor
19
The person who owns and runs the pencil factory is an example of:
labor
land
entrepreneur
capital
20
What natural resource is used to make glass?
limestone
coal
clay
sand
21
Which of the following natural resources most benefited the New England economy in the 1700s?
tobacco and cotton
cotton and indigo
furs and lumber
wheat and oats
22
What can be made from clay?
bricks
cars
dishwasher
a desk
23
Which is an example of an entrepreneur?
a teacher in his classroom at a public school
a typist in an office who types letters for her boss
a person working in a factory that makes new cars
an owner of a dry cleaning store who buys a new machine
24
The yellow paint on a pencil is an example of:
entrepreneur
land
capital
labor
25
How can adults be good citizens in the United States of America? Choose the best answer.
by paying taxes and voting
by becoming president of the USA
by spending money
by driving cars
