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Economics Grade 5 Flashcards | StudBud
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Economics Grade 5
Economics Grade 5
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#math #georgia #milestones
Flashcards
17 cards
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Questions
17
Answers
1
Person who organizes a business and takes financial risks in order to make a profit.
accountant
entrepreneur
employer
banker
2
Which is an opportunity cost of the government's decision to ration items during World War II?
There was a shortage of supplies available to the military.
It was less expensive for the public to buy most products.
There were fewer goods available for the public to buy.
Companies that produced rationed goods went out of business.
3
If there is a lot of a product and not much demand, prices will be
Higher
Lower
4
Employers will pay higher pay to workers who have:
More education
All are correct
Special Skills
More job experience
5
What do people earn by selling their labor to a business?
investments
income
interest
credit
6
Which of these BEST describes the function of banks?
to provide workers for businesses
to provide safety and security
to produce goods and services
to provide savings and checking accounts, and loans
7
Cattle drives are an example of a price incentive because ranchers could:
Get 10 X the money if they sold their cattle in the East
Get 10X the money if they sold their cattle in Texas
Sell their cows without doing any work
Spend their summers in Texas
8
Which of these BEST describes the function of private business?
to provide services through taxation
to produce goods and services for the public
to maintain the security of citizens
to provide savings and checking accounts
9
Competition between companies who both want your business causes product prices to
Decrease
Increase
10
A _________ is a plan for spending and saving money
savings account
allowance
personal budget
voluntary exchange
11
_________ is the buying and selling of goods and services.
Specialization
Price incentive
Opportunity cost
Trade
12
___________ is the value of what is given up when a choice is made.
Voluntary exchange
Opportunity cost
Trade
scarcity
13
If there is a low supply of a product, but many people want it, prices will be
Lower
Higher
14
The US has a ________ economy where businesses are owned by citizens, not government.
sellers
buyers
communist
market
15
What was an effect of the technological advances shown in the picture?
The quality of goods decreased.
There was an increase in the price of products.
There was an increase in business productivity.
The number of people who could afford goods decreased.
16
People in households:
Provide labor to businesses
Pay taxes
All are correct
Consume goods and services
17
The government uses our tax dollars to:
Provide transportation by highways and public transportation
all are correct
Provide public education
Provide safety, like military, police, and fire protection
