Understanding Basic Economic Concepts

Front

What is an example of a capital resource for Rohan's bakery? Options: A factory building, A river, A cashier, A loaf of bread.

Back

A factory building

Tags

VA.CF.SOC.5-8.CE.11b.1

Front

What is the main purpose of money when Samuel wants to buy a book from a store?

Back

To help people buy and sell things

Tags

VA.CF.SOC.5-8.CE.11b.1

Front

Nora goes to a store to buy groceries and clothes for her own use. Which term best describes Nora in this situation?

Back

Consumer

Tags

VA.CF.SOC.5-8.CE.11b.1

Front

How are economic decisions typically made in Aria's village?

Back

By customs and traditions

Tags

VA.CF.SOC.5-8.CE.11b.2

Front

In a country where Sophia and Scarlett run their own businesses and decide what to produce, how much to charge, and whom to hire without government interference, which type of economy is this?

Back

Individuals and businesses make most economic decisions

Tags

VA.CF.SOC.5-8.CE.11b.3

Front

In a country where the government decides what goods are produced, how much is produced, and sets the prices, what is a key feature of this system?

Back

The government owns most resources

Tags

VA.CF.SOC.5-8.CE.11b.4

Front

Type of economy that combines elements of both market and command economies.

Back

Mixed economy

Tags

VA.CF.SOC.5-8.CE.11b.5

Front

Priya and Abigail exchange apples and oranges without using money. What best describes this transaction?

Back

Trading apples for oranges

Tags

VA.CF.SOC.5-8.CE.11b.1

Front

Anika bakes bread and exchanges it with a neighbor for fresh vegetables from their garden. Which basic economic concept does this illustrate?

Back

Barter

Tags

VA.CF.SOC.5-8.CE.11b.1

Front

What type of economy does a village have where families survive by hunting, fishing, and gathering, with skills passed down through generations?

Back

Traditional economy

Tags

VA.CF.SOC.5-8.CE.11b.2