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Economics vocab Flashcards | StudBud
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Economics vocab
Economics vocab
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This Quiz is about Economic Vocabulary for Fifth Grade.
Flashcards
25 cards
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Practice quiz
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Questions
25
Answers
1
Management is
employee
Those who direct activities necessary for production
worker
2
True,false: Materials that are used to make goods and services are called PRODUCTIVE RESOURCES
False
True
3
Labor is
the right to pick or choose
machinery, tools, and factories created by people
work that people do to produce goods or services
4
Supply is
-amount of a good/service that producers will offer for sale
The amount of a good that consumers are ready to buy
work done for others
5
What is it called when you trade goods for other goods?
buy
sell
barter
6
A profit is
money a business makes after all the expenses are paid
an amount of money lost by a business or organization
the money paid for a good
7
A person who uses a good or service is a(n) (If I buy lunch, I am this...)
producer
consumer
economist
8
A
CONSUMER
is __________________________
someone who buys a good or uses service
someone who makes a good or provides a service
9
A
NEED
is ______________________
something that all people must have to survive
something people want to have but don’t need to survive
10
To
SAVE
means to ______________________
To pay money to buy goods.
To put money away and keep it safe.
11
SCARCITY
is ____________________________
Having too much of something.
Not having enough goods or services for all who want them.
12
Demand is
-amount of a good or service that consumers are ready to buy
work that people do to produce goods or services
the amound of a good that producers will offer for sale
13
-the study of money and how it is created and shared; making choice about scarce resources
buying
economics
selling
14
GOODS
are __________________________
Jobs people do to help others.
something that is produced, made, or manufactured
15
-What is given up in order to get or do the things you want most
opportunity costs
product costs
party costs
16
Which of the following is not an essential need?
cell phone
water
food
17
To
SPEND
means to _______________________
To pay money to buy goods.
To put money away and keep it safe.
18
Ms. Prill is having a bake sale. What will happen if she raises prices of cupcakes?
fewer people will buy them
the same number would buy them
more people will buy them
19
What is the meaning of the word "production?"
What people make
What people throw away
What people use
20
If the demand for a product is greater than the supply, then this happens
prices stay the same
prices fall
prices rise
21
SERVICES
are __________________________
Things we buy, use, or make
Work people do to help others.
22
A
WANT
is ___________________________________
something people need to survive
Something people enjoy but is not necessary to survive.
23
A
PRODUCER
is ___________________________
someone who makes a good or provides a service
someone who buys a good or a service
24
A consumer is _________________
someone who pays for something with money
a person who offers goods or services for sale
a person who uses goods or services
25
Capital is
The right to pick or choose
Madison, WI
financial wealth in a business; machinery, tools, equipment
