Economics Flashcard - Unit Assessment (4th Grade)

Front

If the price of an item is extremely high, how is the consumer most likely to react if he must have the item today?

Back

The consumer purchases a similar item at a lower price.

Front

Which of the following is not a service? a) hair stylist, b) automobile mechanic, c) pet groomer, d) potato chips

Back

potato chips

Front

Which of the following is an example of a natural resource? a) chairs, b) water, c) teacher, d) scissors

Back

water

Front

Which of the following is an example of a capital resource? a) assembly line, b) police officer, c) oil, d) bus

Back

assembly line

Front

Which of the following is an example of a human resource? a) baker, b) table, c) wind, d) money

Back

baker

Front

In a market economy, consumers can do which of the following? a) set their own income, b) spend their money in only the United States, c) shop in different places to find the best value for their money, d) shop only at one store

Back

shop in different places to find the best value for their money

Front

The assembly line changed the way cars were made. It allowed manufacturers to

Back

decrease the amount of time it takes to build a car

Front

Hot Cheetos are the most popular item in the school store. They always run out before everyone who wants them is able to buy them. This is an example of which of the following? a) opportunity cost, b) competition, c) substitute goods, d) supply and demand

Back

supply and demand

Front

What is the meaning of consumer?

Back

someone who buys goods

Front

There are a lot of houses for sale in Dayton; what will buyers experience?

Back

supply is high, so prices will be low