
Lily Economics 2020
Authored by MELISSA DYER
Geography
4th - 6th Grade
20 Questions
Used 2+ times

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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The economic system that the United States uses is called a __________.
market economy
income
circular flow
taxes
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A market economy is based on the interactions of __________.
buyers and sellers
imports
exports
safety, security, common good
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
__________ describes the pattern in which goods and services and resources go around the marketplace.
circular flow
substitute goods
incentives
competition
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Individuals use their __________ to buy goods and services from businesses.
income
incentives
increases
imports
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
When prices decrease, demand for a good or service __________.
increases
decreases
rewards
employed
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
When prices increase, demand for a good or service __________ and consumers may choose to substitute goods or services.
decreases
increases
substitute good
income
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A __________ is a good that can be used in place of another good.
substitute good
reward
penalty
unemployed
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