Economics 6th Grade

What type of economy have most countries had at some point?

• A Market Economy
• A Original economy
• A Traditional economy
• A Mixed Market Economy

What does GDP per capita measure?

• GDP per capita measures how much money a country makes in one year from all the things they make and sell.
• GDP per capita measures how strong and developed a country's economy is.
• GDP per capita measures the number of people who live in a country.
• GDP per capita measures the literacy rate of a country.

What does the term 'free enterprise' mean?

• Free enterprise means that people are in charge of making and selling things.
• Free enterprise means that people have good access to doctors and medicine.
• Free enterprise means that people don't have a lot of technology like computers and phones.
• Free enterprise means that people mostly have jobs in farming and mining.

What are the three important questions that an economic system helps answer?

• What goods and services should be produced from the supply of scarce resources?
• Who will decide how products are produced?
• For whom should the products be produced?
• All the above

What is scarcity?

• When there is enough of something for everyone who wants it.
• When there is more demand for something than it is available
• When everyone has access to everything they want.
• I have no clue

What type of economy allows for private property?

• Traditional economies
• Command economies
• Market or mixed economies

What does GDP stand for?

• Groovy Dr. Pepper
• Gross Domestic Product
• Gross Development Production
• Gravy Development Production

What does GDP per capita measure?

• How much money a country makes in one year from all the things they make and sell.
• How strong and developed a country's economy is.
• The number of people who live in a country.
• the amount of money each citizen would have if the gross domestic product was divided evenly among all the people in a country.

What is an entrepreneur?

• An entrepreneur is someone who owns their own business and wants to make money from it.
• An entrepreneur is someone who works in farming and mining.
• An entrepreneur is someone who controls prices in a command economy.
• An entrepreneur is someone who has good access to doctors and medicine.

What are some important factors that show how developed a country is?

• Life expectancy, literacy rate, birth rate, death rate, and population below poverty.
• The number of people who live in a country.
• How much money a country makes in one year from all the things they make and sell.
• How strong and developed a country's economy is.