Lesson 1: What is Economics?

Lesson 1: What is Economics?

3rd - 4th Grade

9 Qs

quiz-placeholder

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Lesson 1: What is Economics?

Lesson 1: What is Economics?

Assessment

Quiz

Social Studies

3rd - 4th Grade

Easy

Created by

Nancy Haddad

Used 1+ times

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9 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Scarcity: not enough of something (ex: some people have scarcity of money for food)

Yes

No

I do not know

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Limited Resources: there are only certain amounts of resources (ex: clean water, oil)

Yes

No

I do not know

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Unlimited Wants: there is no end to the number of things people want and need.

Yes

No

I do not know

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Human Resources: workers and their skills (ex: truck drivers, doctors, teachers, nurses)

Yes

No

I do not know

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Capital Resources: things that are used to produce more goods and services (ex: factories or tools)

Yes

No

I do not know

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Natural resources:

Materials or substances such as minerals, forests, water, and fertile land that occur in nature and can be used for economic gain

Yes

No

I do not know

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Economic System: a system a society uses to answer the basic economic questions such as what to produce

Yes

No

I do not know

8.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Opportunity Cost: when you make a choice, your opportunity cost is the second thing you wanted most.

Yes

No

I do not know

9.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Economics: the study of how individuals and societies use their scarce resources to get goods and services.

Yes

No

I do not know