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WorksheetsEconomics Literacy for Grade 5
Total questions: 19
Worksheet time: 10mins
Opportunity Cost of paying for an iPad instead of a new bike is
You always get what you want
You will have less money saved
You will have more money saved
the new bike
A grocery store: Human resources needed for this business is
The cash register
The self scanner at check out
The freezers
Deli worker
A grocery store: Capital resources include (check all that apply)
money
cash register
stock market
shelves
Someone who provides a service or a good
Producer
Consumer
Capital resources
Supply
Productive resources supplied by nature are called
Division of Labor
Natural resources
Capital resources
Human resources
A limited supply of a good or resource
Producer
Productivity
Demand
Scarcity
Human resources of a school include
Computer
Janitor
Teacher
Aide or lunch monitor
Guidance counselor
An especially cold frost has damaged several orange crops in Florida. The effects to the demand and price will be:
The demand will stay the same and the price of orange juice will increase
The demand will increase and the price of orange juice will decrease
The demand will stay the same and the price of orange juice will decrease
A hot and humid summer has set weather records and has extended for several weeks. The effect on supply and price of lemonade stands will be
Supply will need to increase and price should decrease
Supply will stay the same and price should decrease
Supply will need to increase and price should increase
How does division of labor and specialization relate to a company’s productive capacity?
Productive capacity slows with the number of specialized employees
Productive capacity increases with the number of specialized employees
Productive capacity does not change with the number of specialized employees
Jack buys a Disney snow globe with that same amount of money he could have bought a drink and a hot dog. The opportunity cost of his decision is
The spending of money he should have saved
The Disney snow globe
The drink and hot dog
Your "Gross" pay is the amount you earned and includes
Total amount you made before expenses and taxes are subtracted
The total amount earned minus expenses and taxes
The rate per hour of your pay
Your take home pay is called your 'Net" pay. This includes
Amount earned minus expenses and taxes
Amount earned before expenses and taxes
Rate of pay per hour
Definition of barter
Offer your services for free
How much of something is available
Exchange or trade services without payment
The distribution of tasks among members of a group to increase efficiency
Productivity
Consumer
Division of Labor
Demand
How efficiently the productive resources are used to produce goods. No wasted effort nor expenses.
Supply
Productivity
Human resources
Scarcity
Vocabulary word that describes the amount of goods or services available for use.
Incentive
Efficiency
Supply
Demand
Vocabulary word that describes the degree of desire for a good or a service.
Supply
Demand
Scarcity
Opportunity Cost
Ice Cream business: freezers, paper cups, cash register, a loan from a bank, and ice cream scoops are considered what type of resource?
Human resources
Capital resources
Natural resources
Environmental resources
