Understanding Economics Game Pt. 1

Understanding Economics Game Pt. 1

5th Grade

5 Qs

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Understanding Economics Game Pt. 1

Understanding Economics Game Pt. 1

Assessment

Quiz

Social Studies

5th Grade

Practice Problem

Medium

Created by

Daniel Hall

Used 8+ times

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5 questions

Show all answers

1.

MULTIPLE SELECT QUESTION

30 sec • 1 pt

What is an entrepreneur?

A person who makes toys

A person who starts a new business

A person who takes risks to make a new product or service

A person who sells candy

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does 'scarcity' mean?

When there are too many toys

When there isn’t enough of something

When everyone has the same thing

When things are free

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a price incentive?

A special gift for buying a toy

A new store opening

Lowering prices to attract more customers

A sign saying “Happy Sale Day”

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does ‘opportunity cost’ mean?

Buying more toys

The thing you give up to get something else

Winning a prize

Getting a discount

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of these is an example of a business specializing?

A store selling clothes and shoes

A bakery that only makes cakes

A shop that sells toys, games, and books

A restaurant that serves pizza and burgers