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Fourth Grade (Grade 4) Economics Questions

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Grade 4 Economics
                Resources are human-made goods, tools, machines and buildings used to produce other goods and services. The availability of these goods reflects the state of technology and resources invested in research. Tools and machines used in production may be referred to as capital equipment.
  1. Capital
  2. Human
  3. Natural
Grade 4 Economics
Money a business earns after it pays for supplies, tools, salaries, and other costs is called a                .
  1. investor
  2. profit
  3. retail trade
  4. money
Grade 4 Economics
Most of the farmers' tomato crops have been killed by insects. What will probably happen to the cost of tomatoes?
  1. The cost will increase.
  2. The cost will decrease.
  3. The cost will stay the same.
  4. The cost will decrease, and then increase again.
Grade 4 Economics
An extra reason to purchase something is called a(n)                 .
  1. need
  2. incentive
  3. opportunity cost
  4. market economy
Grade 4 Economics
The global economy is the world market in which people and businesses from different countries buy and sell their products.
  1. True
  2. False
Grade 4 Economics
Sue wants pepperoni pizza at lunch, and there isn't a lot left. The supply is                
  1. low
  2. high
  3. equal
  4. both a and b
Grade 4 Economics
To be successful a business must:
  1. produce goods but not services
  2. produce goods and services using mostly human resources
  3. produce goods and services that people want
  4. produce goods and services with a high price
Grade 4 Economics
Economics is the science of how people use                 to satisfy their needs and wants.
  1. money
  2. resources
  3. trade
  4. banks
Grade 4 Economics
The amount of money left after all the costs of running a business are paid is the                
  1. supply
  2. incentive
  3. exchange
  4. profit
Grade 4 Economics
The money a business earns after it pays its expenses is its               .
  1. business
  2. profit
  3. history
  4. investor
Grade 4 Economics
Natural, capital and human resources are called the factors of this:
  1. economy
  2. production
  3. profit
Grade 4 Economics
Which is NOT an example of private goods and services?
  1. a new car
  2. an iPad
  3. a school
  4. a cell phone
Grade 4 Economics
Entrepreneurs might use a natural resource such as
  1. money
  2. buildings
  3. machines
  4. land
Grade 4 Economics
A market economy is a system where the price of goods is determined by          supply          and          demand         
Grade 4 Economics
American citizens and businesses are not part of the global economy.
  1. True
  2. False
Grade 4 Economics
Mary's mom is a hairdresser. Her mom is a                 
  1. human resource
  2. natural resource
  3. capital resource
  4. all of the above
Grade 4 Economics
        taxes        is the money people pay to the government.
Grade 4 Economics
Repairing roads and building schools are examples of                                      .
  1. supply and demand
  2. human resources and natural resources
  3. private goods and services
  4. public goods and services
Grade 4 Economics
In the past agriculture and farming was the main economic activity for the USA.
  1. True
  2. False
Grade 4 Economics
The global economy provides more opportunities for American businesses and buyers.
  1. True
  2. False
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