Which of the following best describes a consumer?

Someone who buys goods or services.

Someone who lends money to businesses.

Someone who creates products for sale.

What is the main difference between a good and a service?

A good is something you can touch, while a service is an action someone does for you.

A good is always expensive, while a service is always cheap.

A good is something you cannot buy, while a service is free.

A good is only sold online, while a service is only sold in stores.

Who is considered a producer?

Someone who creates or provides goods or services.

Someone who buys products for personal use.

Someone who borrows money from a bank.

Vocabulary Terms

Authored by Chloe Bickers

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5th Grade

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19 questions

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MULTIPLE CHOICE QUESTION

30 sec • 10 pts

What is a good?

Something that us made, bought, and sold.

Work done for a person for money.

Cash or credit card.

MULTIPLE CHOICE QUESTION

30 sec • 10 pts

Which is an example of a service?

Gummy Worms

Target

Haircut

Pencils

MULTIPLE CHOICE QUESTION

30 sec • 10 pts

If you are at the mall buying a new shirt, are you a producer or a consumer?

Producer

Consumer

MULTIPLE CHOICE QUESTION

30 sec • 10 pts

What is a profit?

The money a business looses from paying expenses.

The money a business has left after all expenses are paid.

A service done for a person for money.

A measure of worth.

MULTIPLE CHOICE QUESTION

30 sec • 10 pts

What is a want?

Something you desire. You do not NEED this thing for survival, it is something you choose to have.

Something you must have in order to survive or live your daily life.

The amount of something that is available.

MULTIPLE CHOICE QUESTION

30 sec • 10 pts

____________ is how many people want or need something.

Supply

Good

Service

Demand

MULTIPLE CHOICE QUESTION

30 sec • 10 pts

Which is an example of a local business?

Target

Walmart

A store owned by your neighbor that sells handmade soap.

Starbucks

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Vocabulary Terms

What is a good?

Which is an example of a service?

If you are at the mall buying a new shirt, are you a producer or a consumer?

What is a profit?

What is a want?

____________ is how many people want or need something.

Which is an example of a local business?

Is a car a want or a need?

Which is NOT an example of a need?

What project are we using these vocabulary terms for?

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