Free Enterprise System Vocabulary

Free Enterprise System Vocabulary

3rd Grade

16 Qs

quiz-placeholder

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Free Enterprise System Vocabulary

Free Enterprise System Vocabulary

Assessment

Quiz

Social Studies

3rd Grade

Practice Problem

Medium

Created by

Ashley Northcutt

Used 390+ times

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16 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

______ is how much of a good there is for people to buy.

demand

supply

scarcity

surplus

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

_____ is the amount of a good or service that consumers are willing to purchase.

demand

surplus

scarcity

supply

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the money left over after a business pays all its expenses called?

spendings

earnings

cost

profit

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A free enterprise system means __________.

The government DOES NOT tell the people what they can make or sell.

The government DOES tell the people what they can make or sell.

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the situation when the demand for something is higher than the supply?

demand

scarcity

supply

6.

MULTIPLE SELECT QUESTION

45 sec • 1 pt

______ refers to obtaining money in the form of a loan or credit card.

spending

borrowing

saving

income

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

An example of a good is ______.

swim lessons

a lawn service

a haircut

a video game

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