4th Grade Economics

What would an economist ask when examining the United States?

• What is produced?
• How is it produced?
• Who gets what is produced?
• All of the above

The economic system in the United States is called ________.

• Market Economy
• Opportunity Cost
• Capital Resources
• Specialization

When prices decrease, demand for that good or service does what?

• Increases
• Decreases
• Remains the same
• None of the above

When prices increase, demand for that good or service ________ and consumers may choose substitute goods or services.

• Increases
• Decreases
• Remains the same
• None of the above

What do you call the person that buys the good or service?

• Consumer
• Producer
• Investor
• Economic

What do you call the person that makes and sells the good or service?

• Consumer
• Producer
• Investor
• Economic

Businesses compete for consumers with a goal of earning a ______.

• job
• capital resources
• global competition
• profit

Consumers willingness and ability to produce a good or service is called ______.

• Competition
• Consumer sovereignty
• Demand
• Supply

The amount of a product or service that is available for consumers to buy is called ______.

• competition
• consumer sovereignty
• demand
• supply

What can lead to a decrease in price?

• economic decision making
• price
• supply
• competition