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WorksheetsEconomics 5th Grade
Total questions: 30
Worksheet time: 17mins
Name
Class
Date
1.
The law of supply and demand is very important in economics. Which of the following correctly describes supply and demand?
a)
consumers will buy whatever is produced
b)
producers will make what consumers demand
c)
suppliers will make whatever they decide to
d)
investors will put money into any business
2.
What is given up when a choice is made is:
a)
price incentive
b)
rationing
c)
specialization
d)
opportunity cost
3.
The cost a consumer pays to purchase a good or service from a producer
a)
price
b)
cost
c)
incentive
d)
income
4.
Which is not an example of a price incentive?
a)
a sale on cereal
b)
a new candy display
c)
a "buy one, get one free" offer
d)
a coupon offering one dollar off
5.
____________ is a way to keep track of spending.
a)
a savings account
b)
a budget
c)
an investment
d)
a price incentive
6.
a person who starts and runs their own business
a)
investor
b)
producer
c)
entrepreneur
d)
inventor
7.
money earned through employment (job) and investments
a)
incentive
b)
taxation
c)
income
d)
costs
8.
Goods-or-Services:
doctors
lawyers
barbers
electricians
Wi-Fi
doctors
lawyers
barbers
electricians
Wi-Fi
a)
Goods
b)
Services
9.
Goods-or-Services:
food
cars
clothes
cellphone
pencils
food
cars
clothes
cellphone
pencils
a)
Goods
b)
Services
10.
What would MOST LIKELY increase a store’s sales of a product?
a)
reducing the store's hours
b)
reducing the store's employees
c)
lowering the price of the product
d)
limiting advertising of the product
11.
This is the amount of product available.
a)
Demand
b)
Scarcity
c)
Opportunity Cost
d)
Supply
12.
If there are 25 students that need a social studies textbook, but the teacher only has 20, this is an example of what?
a)
Demand
b)
Scarcity
c)
Opportunity Cost
d)
Supply
13.
______________ is the battle for your business between sellers of a particular good or service. For instance, if Staples sells markers for $2.49, but Walmart sells them for $.97, this is ______________. This helps to keep prices low.
a)
Competition
b)
Market
c)
Entrepreneur
d)
Trade
14.
One shop sells shoes. A different shop sells cell phones. This is an example of
a)
Scarcity
b)
Surplus
c)
Specialization
d)
Opprotuity Cost
15.
The grocery store normally gets 500 pounds of oranges. This week it gets 1,000 pounds. What is likely to happen next?
a)
People will get fewer oranges
b)
The price of oranges will go down
c)
the price of oranges will go up
d)
the store will stop selling oranges
16.
How much sales tax does a poor person pay on a piece of candy compared to a rich person?
a)
the rich person pays more tax
b)
they both pay the same amount
c)
the poor person pays more taxes
d)
neither one pays anything
17.
Which of the following are natural resources?
a)
water
b)
trees
c)
animals
d)
all of them
18.
An example of a human resource is _________.
a)
a truck
b)
tree
c)
tractor
d)
doctor
19.
Michael used his tractor to make bales of hay. His tractor is a ____________.
a)
commercial resource
b)
capital resource
c)
natural resource
d)
human resource
20.
What is it called when a company focuses on making only one product?
a)
trade
b)
singular
c)
resource
d)
specialization
21.
A crew of men are hired to paint a new house. They are providing a ____
a)
service
b)
product
c)
specialization
d)
good
22.
Limited resources may cause___
a)
natural resource
b)
trade
c)
scarcity
d)
consumer
23.
Someone who makes a product to sell is a ____________.
a)
human resource
b)
consumer
c)
producer
d)
trader
24.
People who provide services to make money are ____________.
a)
natural resources
b)
human resources
c)
capital resource
25.
A farmer is a ___________ because he/she grows food to sell.
a)
producer
b)
consumer
26.
Who buys goods or services?
a)
Producers
b)
consumers
27.
the study of resources such as money, materials, and labor
a)
economics
b)
services
c)
producers
d)
goods
28.
quantity of any goods which buyers will take at a particular price; the desire or ability to purchase goods or services
a)
supply
b)
scarcity
c)
demand
d)
production
29.
Which of these is a renewable resource?
a)
natural gas
b)
coal
c)
water
d)
oil
30.
What does the United States do to get more oil to fill the demand of the people?
a)
Export it
b)
Import it
c)
Grow more of it
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