What is the Economy?

Quiz
•
Social Studies
•
4th Grade
•
Easy
Bianca Jones
Used 13+ times
FREE Resource
41 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is an economy and why is it important?
A system for organizing how goods and services are produced and used
A type of transportation system
A rule about saving money
A law that helps people get jobs
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How does a producer help the economy?
By making and selling goods and services
By buying everything in a store
By only using natural resources
By working in a government job
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Why are consumers important in an economy?
They create new businesses
They buy and use goods and services, helping businesses grow
They make all economic decisions
They stop businesses from selling products
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How is a free enterprise system different from a command economy?
In free enterprise, people decide what to sell, but in command economies, the government controls businesses
In both systems, the government makes all decisions
Free enterprise does not allow people to start businesses
Command economies let business owners do whatever they want
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What happens in a market economy when there is high demand for a product?
Prices usually go up
Prices drop to zero
No one buys the product
The product disappears
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Why do governments control parts of a mixed economy?
To make sure businesses follow laws and to protect workers and consumers
To shut down private businesses
To stop people from selling things
To increase prices of all products
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Why do some businesses outsource jobs to other countries?
To reduce costs and increase productivity
To stop workers from being productive
To make jobs harder to find
To make businesses smaller
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