In economics, there are imports and exports. An import is...

merchandise shipped from a foreign country.

What is the definition of economics?

the production and distribution of goods and services

A product that is able to be bought from a store; touchable.

A person provides the consumer with a product; not tangiable

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Economics

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This is a Quiz based on the basics of economics for a 5th grade class. This served as a review of the basic terms in real life situations.

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Questions 13

Answers

1
A factory makes 10 cars a day. They sell and there are lists of people wanting the car. This is
supply and demand
specialization
buying and bartering
mechanization
2
Which of these is a want?
House
Food
Car
Water
3
The person working at a grocery store is a
provider.
producer.
investor.
consumer.
4
In economics, there are imports and exports. An import is...
merchandise shipped to a foreign country.
a tax on goods shipped from a foreign country.
merchandise shipped from a foreign country.
a tax on goods shipped to a foreign country.
5
What is the definition of economics?
the study of past events and the impact they have on people
the study of human behavior and attitudes
the study of political and social interactions
the production and distribution of goods and services
6
If the supply increases, the demand will most likely...
increase
not change
stay the same
decrease
7
What is a good?
The store you buy the product from.
A person is able to see a result form buying this product.
A product that is able to be bought from a store; touchable.
A service.
8
The the demand increases, the supply will need to...
decrease
stay the same
increase
not change
9
Which of these is a need?
Car
Toy
Game
House
10
Both natural resources and human resources are used in economics. Which is a natural resource?
water
workers in a factory
money
investors in a company
11
What is a service?
A person buys a product from a local store
A person provides the consumer with a product; not tangiable
A person provides the consumer with a product; tangiable
A person buys a product and is able to bring it home then
12
Trade is the exchange of goods & services. International trade has the use of tariffs. Tariffs
are a tax on exports.
are goods shipped from a country.
are goods shipped to a country.
are a tax on imports.
13
The person who buys stock in a company is
producer.
investor.
consumer.
provider.

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