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Fourth Grade (Grade 4) Economics Questions

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Grade 4 Economics
Someone who puts money into a business is called an
  1. president
  2. profit
  3. investor
  4. citizen
Grade 4 Economics
           Services            are activities performed by people, firms or government agencies to satisfy economic wants.
Grade 4 Economics
              competition              is a contest among companies to get the most customers or sell the most products.
Grade 4 Economics
                  Free enterprise                  is a system that allows people the freedom to own their own and run their own businesses.
Grade 4 Economics
A                      productive resource                       is one that is used to make goods and services.
Grade 4 Economics
Name 3 things that are considered wants.
Grade 4 Economics
Opportunity cost is what is given up because you choose to do something else.
  1. True
  2. False
Grade 4 Economics
                  is the breaking down of work into tasks done by different groups of people.
  1. distribution
  2. socialism
  3. supply and demand
  4. division of labor
Grade 4 Economics
Katie works at a bakery. She uses her income to buy a coat from a department store. The department store buys more coats from a company who hires workers to make the coats. Those workers are able to use their income to buy other products. What is this an example of:
  1. substitute goods
  2. circular flow
  3. competition
  4. needs & wants
Grade 4 Economics
Many of the farmers' tomato crops were damaged due to a late frost. Instead of paying more for fresh tomatoes, many people begin to buy canned tomatoes instead. What are the canned tomatoes an example of?
  1. limited resource
  2. incentive
  3. consumer sovereignty
  4. substitute good
Grade 4 Economics
People with jobs and people looking for jobs are all part of the U.S.                .
  1. economy
  2. labor force
  3. human resource
  4. competition
Grade 4 Economics
           Scarcity           is when there are not enough resources to satisfy wants.
Grade 4 Economics
A trading center where ships are loaded and unloaded is called a        port       .
Grade 4 Economics
The system of in which different people perform different jobs, instead of each person having to do all kinds of work is called                  
  1. division of labor
  2. circular flow
  3. competition
  4. all of the above
Grade 4 Economics
Mention the three factors of production.
Grade 4 Economics
What is the goal of a business?
Grade 4 Economics
In a market economy, the consumers are considered most important, because consumer choice determines what is produced. What is this idea called?
  1. goods and services
  2. consumer sovereignty
  3. circular flow
  4. specialization
Grade 4 Economics
What are non-renewable resources?
Grade 4 Economics
People in towns and cities will rely on              businesses             to provide them with         goods        and            services           
Grade 4 Economics
List the types of resources
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