3-5 Elementary Economic Terms

3-5 Elementary Economic Terms

3rd - 5th Grade

14 Qs

quiz-placeholder

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3-5 Elementary Economic Terms

3-5 Elementary Economic Terms

Assessment

Quiz

Social Studies

3rd - 5th Grade

Medium

Created by

Angie Battle

Used 15+ times

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14 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Who is a person who takes a risk to start a business?

Consumer
Entrepreneur 
Labor
Capital

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

People focused on producing a few things instead of making everything they want by themselves is called...

Economic Resources

Scarcity

Specialization

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The TOOLS and MATERIALS needed to make goods and to provide services are called______________.

natural resources

capital goods

human capital

services

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

_______________ goods or services are provided by governments in a market economy and are paid for through taxes.

Private

Market

Public

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is currency?

money, usually made from some type of paper-like material

newspapers, usually made with paper

movement of air or water in a definite direction

the value of the next-best alternative when a choice is made

6.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Trying to satisfy unlimited wants with limited resources defines _____ and is the fundamental problem of economics.

scarcity
needs
wants
microeconomics

7.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Media Image

The combining of human, natural, capital, and entrepreneurship resources to make goods or provide services

consumption

production

distribution

resources

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