Free Enterprise System Vocabulary

Quiz
•
Social Studies
•
3rd Grade
•
Medium
Ashley Northcutt
Used 360+ times
FREE Resource
16 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
______ is how much of a good there is for people to buy.
demand
supply
scarcity
surplus
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
_____ is the amount of a good or service that consumers are willing to purchase.
demand
surplus
scarcity
supply
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the money left over after a business pays all its expenses called?
spendings
earnings
cost
profit
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A free enterprise system means __________.
The government DOES NOT tell the people what they can make or sell.
The government DOES tell the people what they can make or sell.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the situation when the demand for something is higher than the supply?
demand
scarcity
supply
6.
MULTIPLE SELECT QUESTION
45 sec • 1 pt
______ refers to obtaining money in the form of a loan or credit card.
spending
borrowing
saving
income
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
An example of a good is ______.
swim lessons
a lawn service
a haircut
a video game
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