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Basic Economic Concepts

Authored by Wayground Content

Social Studies

5th Grade

Used 59+ times

Basic Economic Concepts
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20 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is someone doing when they put money in a piggy bank instead of spending it?

Investing

Saving

Wasting

Borrowing

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Producer

A person or business that makes or sells goods and services.

A type of consumer who only buys products.

An individual who only provides services without selling goods.

A business that only sells goods without providing services.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Q: What do we call someone who buys goods and services?

A consumer

A producer

A retailer

A supplier

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Services

Actions that people do for others (examples: haircuts, teaching, car repairs).

Products that are sold in stores.

Physical goods that can be touched and used.

Activities that are done for personal enjoyment.

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Goods

Things that are made or grown and can be touched or used (examples: shoes, toys, apples).

Items that are only digital and cannot be physically touched.

Services provided by professionals, such as haircuts or car repairs.

Things that are broken and cannot be used anymore.

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What kind of resource is a worker’s skill or training?

Human capital

Natural resources

Financial assets

Social equity

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Q: Is mowing a lawn a good or a service?

A: Good

B: Service

C: Product

D: Commodity

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