Understanding Economic Concepts and Costs

Understanding Economic Concepts and Costs

4th Grade

12 Qs

quiz-placeholder

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Understanding Economic Concepts and Costs

Understanding Economic Concepts and Costs

Assessment

Quiz

Social Studies

4th Grade

Easy

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12 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

a resource used to produce a good or service

economic activity

benefit

productive resource

income

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

money that is earned from work or investments

scarcity

trade

income

cost

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

something that is lost or given up in the process of getting something else

trade

benefit

voluntary exchange

cost

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

the value of what you have to give up in order to choose something else

productive resource

opportunity cost

standard of living

voluntary exchange

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

to trade willingly in a way that benefits both sides

voluntary exchange

trade

productivity

income

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

the use of resources to buy, sell, produce, or consume goods and services

economic activity

opportunity cost

productive resource

budget

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

the measure of a nation's quality of life based on income, education, life expectancy, and other factors

benefit

productivity

standard of living

economic activity

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