Economics Vocabulary

Economics Vocabulary

4th Grade

20 Qs

quiz-placeholder

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Economics Vocabulary

Economics Vocabulary

Assessment

Quiz

History

4th Grade

Hard

Created by

Victoria Norwood

Used 3+ times

FREE Resource

20 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are goods?

Products made or grown

Work someone does for others

Activities people enjoy

Places people visit

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are services?

Products made or grown

Work someone does for others

Items people buy

Natural resources

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is an example of a good?

A doctor treating a patient

A mechanic fixing a car

A loaf of bread

A teacher giving a lesson

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is an example of a service?

A bag of groceries

A new pair of shoes

A haircut

A book

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does "surplus" mean in economic terms?

Quantity available is greater than the quantity demanded

Quantity demanded is greater than the quantity available

Quantity available is equal to the quantity demanded

There is no demand for the quantity available

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does "shortage" mean in economic terms?

Quantity available is greater than the quantity demanded

Quantity demanded is greater than the quantity available

Quantity available is equal to the quantity demanded

There is no demand for the quantity available

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is an example of a surplus?

A store has more milk than customers want to buy

A store runs out of bread because many customers want to buy it

A store has just enough eggs to meet customer demand

A store has no customers for its products

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