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What is the Economy?

Authored by Bianca Jones

Social Studies

4th Grade

41 Questions

Used 14+ times

What is the Economy?
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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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