Consumption is________________.

The act of buying or using something

Supply is _____________________

The amount of a good or service that is available

An estimate of expected income & expenses

The desire for the good or service

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Economics

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4th Grade Economics

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Questions 20

Answers

1
I chose to eat eggs for breakfast instead of oatmeal. What was my opportunity cost?
Oatmeal
Lucky Charms - Magically Delicious!
Eggs
Not eating breakfast
2
Consumption is________________.
The act of dividing something among a group of people
The act of making something to be sold or traded
A disease
The act of buying or using something
3
Supply is _____________________
Something that can be touched
Something that can be bought or traded
The amount of a good or service that is available
All of the above
4
A sale at a store is an example of a ____________________
Service
Positive Incentive
Risky Decision
5
As supply increases, what happens to the price?
It rises
It falls
It remains the same
6
_______________ is the study of how we get the goods & services we want or need.
Economics
Opportunity Cost
Supply & Demand
Government
7
When demand for a product goes down, the price of the product ___________.
Remains the Same
Rises
Falls
8
Which of these is a negative incentive?
Sitting by yourself at lunch
Marbles in the reward jar
Not having extra recess
Getting a speeding ticket
9
What is a budget?
An estimate of expected income & expenses
A moving company
Money spent during a period of time to pay for products
The amount of money you get paid
10
When there is a limited number of a good or service it means it is ________________.
Free
always hard to acquire
Scarce
Abundant
11
Which one is a positive incentive?
Wow Cards
Extra Recess
All of the above
Marbles in the Reward Jar
12
What happens to the price of a good when the product is no longer popular?
It falls
It remains the same
It rises
13
What is not true about goods and services?
They can be touched
They can be traded
They can be sold
They can be bought
14
Which of these is an example of a service?
Someone coaching a team
A videogame
The amount of lemons Calvin has at his lemonade stand
A stethoscope
15
Why is it important to save your money?
In case of emergency
To have money for a treat later
All of the above
So you can go on a fun vacation
16
True or False: There is a relationship between supply and demand.
True
False
17
____________ is any money that you get paid.
Cash
Interest
Income
Retirement
18
All ________ & _____________ are scarce.
Air & Sunlight
Opportunity cost & Decisions
Supply & Demand
Goods & Services
19
_________________ is to take money out of an account.
Withdrawal
Interest
Deposit
20
What is demand?
The amount of a good or service that is available
An order
The desire for the good or service
The word that comes after 'Supply'

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