Market Economy
Authored by Jessica Sutter
Social Studies
5th Grade
Used 31+ times
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10 questions
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1.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
What is a market economy?
Producers are free to produce what they want, and consumers can buy whatever they want or need.
Producers are told what to produce, and consumers don't have product choices.
Producers are free to produce what they want, but consumers can only buy from one company.
The government controls all aspects of a market, and only a few select items are available.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is supply?
The number of consumers that want something.
The benefit you give up by choosing one thing over another.
The amount of something that is available.
The thing that motivates you to do something.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is demand?
The number of consumers that want something.
The benefit you give up by choosing something over another.
The amount of something that is available.
The thing that motivates you to do something.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
When there is a HIGH demand and LOW supply, the price will...
Decrease
Stay the same
Be exactly $1,000,000
Increase
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
When there is a LOW demand and HIGH supply, the price will...
Decrease
Stay the same
Be exactly $1,000,000
Increase
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In the month of December, sunscreen goes on sale for 50% off the price it sells for in July. What is the supply and demand for sunscreen?
High Demand and Low Supply
Low Demand and High Supply
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
During the holiday season, the most popular toy increases in price because many kids want it. What is the supply and demand for the popular toy?
High Demand and Low Supply
Low Demand and High Supply
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