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