
Understanding Economic Concepts
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Social Studies
1st - 5th Grade
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16 questions
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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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