Understanding Economic Concepts

Understanding Economic Concepts

1st - 5th Grade

16 Qs

quiz-placeholder

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Understanding Economic Concepts

Understanding Economic Concepts

Assessment

Quiz

Social Studies

1st - 5th Grade

Practice Problem

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16 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Interdependence

When two or more companies rely on each other to make money.

A situation where companies operate independently without any reliance on each other.

A business strategy that focuses solely on maximizing individual profits.

A type of market structure where one company dominates the entire market.

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Producer

A person or company that makes goods.

A person who sells goods to consumers.

A company that provides services to other businesses.

An individual who manages financial investments.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Demand

The total amount of a product available for sale.

How much people are willing to pay for a product.

The quantity of a product that consumers are willing to buy at a given price.

The relationship between price and quantity supplied.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Competition

When two companies collaborate to reduce costs.

When two companies compete to make the most money.

When a single company monopolizes the market.

When companies merge to increase market share.

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Consumer

A person who buys goods.

A person who sells goods.

A person who manufactures goods.

A person who distributes goods.

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Entrepreneur

Someone who starts a business.

A person who invests in stocks.

An individual who works for a corporation.

A manager in a government agency.

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Natural Resource

A resource from nature.

A man-made product.

A type of financial asset.

A technological innovation.

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