Economics Vocabulary
Authored by Wendy Austin
Social Studies
6th Grade
DOK Level 2: Skill/Concept covered
Used 1+ times
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20 questions
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1.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Which of the following best describes the role of an entrepreneur in an economy?
To provide public services like education and healthcare
To manage the distribution of resources without seeking profit
To innovate, organize resources, and create new goods or services
To ensure that all products are distributed equally among the population
Tags
DOK Level 2: Skill/Concept
2.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
What is the primary difference between goods and services?
Goods are always physical items, while services are activities provided by others
Goods are more expensive than services
Services can be stored for future use, but goods cannot
Goods are provided by the government, while services are provided by private businesses
Tags
DOK Level 2: Skill/Concept
3.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Which of the following is an example of a natural resource?
A factory building
A computer software
A river
Entrepreneurial skills
Tags
DOK Level 2: Skill/Concept
4.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
What does the concept of profit involve?
The total revenue from sales
The amount of money left after all expenses are paid
The cost of goods sold
The total investment in the business
Tags
DOK Level 2: Skill/Concept
5.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Which of the following best defines human resources?
Machines and technology used in production
Natural landscapes and minerals
Skills, knowledge, and labor provided by people
Financial capital invested in a business
Tags
DOK Level 2: Skill/Concept
6.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
How do entrepreneurs contribute to the economy?
By paying taxes only
By creating jobs and introducing innovations
By regulating trade policies
By providing free services
Tags
DOK Level 2: Skill/Concept
7.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
What distinguishes a service from a good?
Services are less valuable than goods
Services are intangible and involve performing tasks for others
Services can be physically touched
Services are always provided by the government
Tags
DOK Level 2: Skill/Concept
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