Economics 4th Grade

Which of the following is an example of a natural resource?

• factories

• doctors

• water

• money

Which of the following is an example of capital resources

• oil

• factories

• doctors

• water

Which of the following is an example of human resources?

• money

• factories

• water

• doctors

Within a market economy, consumers do which of the following?

• set their own tax rates

• shop around for the best value

• shop exclusively at specialty markets

• spend their money only in the United States

What are the three characteristics of a market economy?

• competition, business, and buyers

• specialization, sellers, and supply

• consumer sovereignty, competition, and private property rights

• incentives, producers, and profit

When a business makes more money than it takes to run the business, what is the extra

money called?

• producers

• tax

• profit

• incentives

What is it called when more than one business sells the same goods or services?

• competition

• demand

• resources

• income

Which of the following is not an example of incentives?

• discount

• sale

• coupons

• income

Mary returns her library book three days late. She must pay $.30 in late fees. In the future

what will Mary most likely do?

• Mary will decide to keep the book.

• Mary will lose the book.

• Mary will return the book on time.

• Mary will go to a book store.

Henry Ford invented the assembly line concept because he wanted to do which of these?

• decrease the time needed to build a car

• hire more workers to build cars

• increase the demand for cars

• increase the price of cars