Economics

Economics

5th Grade

10 Qs

quiz-placeholder

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Assessment

Quiz

Social Studies

5th Grade

Medium

Created by

Charlotte Cormier

Used 282+ times

FREE Resource

10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

The work that people do.

Labor

Supply

Demand

Producers

2.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Those who buy a good or service.

Producer

Consumer

Service

Private buisness

3.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

The amount of money that producers are willing

to sell a good or service for.

Profit

Price

Price Incentive

Income

4.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Money citizens or businesses must pay the

government.

Profit

Interest

Taxes

Expenses

5.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Things that can be touched such as clothing and

food.

Market

Labor

Services

Goods

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

When producers freely choose to sell and

consumers freely choose to buy, this tends to

help both buyers and sellers. Since consumers

are free to buy what they want, their purchases

reveal to producers what goods and services are

in demand. This helps sellers because demand

tells then what they should produce if they want

to make a profit. It also helps consumers by

making sure producers are only producing things

consumers want or need.

Free Market

Specialization

Voluntary Exchange

Entrepreneurs

7.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

For centuries, the South focused on crops like

tobacco and cotton. What is this called?

Specialization

Opportunity cost

Embargoes

Free Trade

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