Economics Flashcard

Economics Flashcard

Assessment

Flashcard

Social Studies

5th Grade

Practice Problem

Hard

Created by

Wayground Content

FREE Resource

Student preview

quiz-placeholder

13 questions

Show all answers

1.

FLASHCARD QUESTION

Front

What is the study of the economy or the part of society that deals with wealth?

Back

Economics

2.

FLASHCARD QUESTION

Front

Imagine you are planning a birthday party and need to buy decorations, food, and gifts. In this scenario, what role do you play in the marketplace?

Back

A person who purchases goods and services for personal use

3.

FLASHCARD QUESTION

Front

What does the term "demand" refer to in the scenario where a new smartphone is released and stores are running out of stock quickly because so many people want to buy it?

Back

Consumer's desire for something

4.

FLASHCARD QUESTION

Front

Imagine you are at a grocery store and you notice a sign on one of the shelves. If the sign is showing the term "scarcity", what would the sign show?

Back

A sign indicating a product is out of stock

5.

FLASHCARD QUESTION

Front

Imagine a small town where local businesses set their own prices for goods and services without any interference. What type of economic system does this town have?

Back

A system where prices of goods and services are not controlled by the government.

6.

FLASHCARD QUESTION

Front

What is the definition of "Opportunity Cost" in the scenario where Sarah has $100 and is deciding between buying a new pair of shoes or going to a concert?

Back

Whatever must be given up to obtain some item (next best option)

7.

FLASHCARD QUESTION

Front

Imagine you live in a small village where money doesn't exist, and you need to trade goods to get what you need. What is a common problem you might face in this barter system?

Back

Finding someone who wants what you have

Access all questions and much more by creating a free account

Create resources

Host any resource

Get auto-graded reports

Google

Continue with Google

Email

Continue with Email

Classlink

Continue with Classlink

Clever

Continue with Clever

or continue with

Microsoft

Microsoft

Apple

Apple

Others

Others

Already have an account?