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Economy Review

Authored by Allie Evans

Social Studies

4th Grade

21 Questions

Used 4+ times

Economy Review
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1.

MULTIPLE CHOICE QUESTION

1 min • 5 pts

If there are 4 pieces of pie and 3 people, is there scarcity?

yes

no

2.

MULTIPLE CHOICE QUESTION

3 mins • 5 pts

The process of choosing one good or service over another. The item not chosen is the __________.

good

loss

opportunity cost

3.

MULTIPLE CHOICE QUESTION

10 mins • 5 pts

I couldn't buy the mint chocolate chip ice cream because there was none left. This was because it was in high _______.

supply

demand

4.

MULTIPLE CHOICE QUESTION

15 mins • 5 pts

Media Image

Air, shelter, and food are all examples of ______________

needs

wants

5.

MULTIPLE CHOICE QUESTION

15 mins • 12 pts

Media Image

The amount of goods or services available is called?

supply
demand
producer
consumer

6.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

Media Image

When there is a shortage the price will usually? 

rise
fall
remain the same
equilibrium

7.

MULTIPLE CHOICE QUESTION

15 mins • 1 pt

Tools we use to make products

capital resources
human resources
natural resources
entrepreneurs

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