Economics Vocabulary
Authored by Victoria Norwood
History
4th Grade
Used 3+ times
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20 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What are goods?
Products made or grown
Work someone does for others
Activities people enjoy
Places people visit
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What are services?
Products made or grown
Work someone does for others
Items people buy
Natural resources
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is an example of a good?
A doctor treating a patient
A mechanic fixing a car
A loaf of bread
A teacher giving a lesson
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is an example of a service?
A bag of groceries
A new pair of shoes
A haircut
A book
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does "surplus" mean in economic terms?
Quantity available is greater than the quantity demanded
Quantity demanded is greater than the quantity available
Quantity available is equal to the quantity demanded
There is no demand for the quantity available
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does "shortage" mean in economic terms?
Quantity available is greater than the quantity demanded
Quantity demanded is greater than the quantity available
Quantity available is equal to the quantity demanded
There is no demand for the quantity available
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is an example of a surplus?
A store has more milk than customers want to buy
A store runs out of bread because many customers want to buy it
A store has just enough eggs to meet customer demand
A store has no customers for its products
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