Economics Vocabulary Check 1

Economics Vocabulary Check 1

5th Grade

20 Qs

quiz-placeholder

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Economics Vocabulary Check 1

Economics Vocabulary Check 1

Assessment

Quiz

Social Studies

5th Grade

Medium

Created by

Kailin Yantz

Used 10+ times

FREE Resource

20 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

An action that a person does for someone else.

Good

Price

Service

Supply

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a consumer?

A person who buys goods or services

Produce a good or service

How much it costs

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a producer?

An object people want

Natural, human, and capital resources used to produce goods.

Someone who makes a good or service.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What type of economy does the United States have?

Market Economy

Command Economy

Mixed Economy

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a benefit to consumers in the economy?

Taxes

Scarcity

Producer Competition

C

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The law of demand states higher prices =

Producers supplies LESS of a good

Producers supplies MORE of a good

Consumer demand LESS of a good

Consumers demand MORE of a good

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The law of supply states that higher prices =

Producers supplies MORE of a good

Consumers demand MORE of a good

Producers supplies LESS of a good

Consumers demand LESS of a good

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