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Fifth Grade (Grade 5) Economics Questions

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Grade 5 Economics
The amount of a good or service available is called          supply                        .
Grade 5 Economics
         Profit                         is the amount of money a producer keeps after paying expenses.
Grade 5 Economics
The amount a consumer pays for a good or service is called the         price                       .
Grade 5 Economics
A business that offers money-related services to its customers, including loans and checking and savings accounts
  1. ATM
  2. Bank
  3. Board of directors
  4. Credit union
Grade 5 Economics
The           economy           is the way a country uses its natural resources, money and knowledge to produce goods and services.
Grade 5 Economics
A business is a company that sells goods or services.
  1. True
  2. False
Grade 5 Economics
Scarcity is
  1. a time when a consumer is afraid to spend money
  2. a time when there is a surplus of goods
  3. a time when there is not enough of something to go around
  4. a time when there is not enough money in the bank
Grade 5 Economics
When the demand for a product is very high and the seller does not have enough of the product, the price goes     up     
Grade 5 Economics
The amount of money left over after all production costs are paid is called
  1. extra
  2. surplus
  3. profit
  4. in the black
Grade 5 Economics
A colonial American farmer needs to buy supplies. He tells the shopkeeper that he will pay for the supplies when he sells his crops at the he send of the summer. The shopkeeper agrees.
This is an example of what kind of economic exchange?
  1. paying with cash
  2. using credit
  3. bartering for goods
  4. writing checks
Grade 5 Economics
Money borrowed that must be repaid, usually with interest
  1. ATM
  2. Check
  3. Loan
  4. Safe deposit box
Grade 5 Economics
When a producer has a surplus of goods the prices go       down       
Grade 5 Economics
When the seller increases his prices it's normally because he does not have enough         supply         
Grade 5 Economics
What is the name of the economic system in America where people can buy what they can afford, start their own business and sell their products for whatever price they can get?
  1. socialism
  2. capitalism or free enterprise
  3. syndicalism
  4. communism
Grade 5 Economics
The type of system the United States uses for buying and selling is called a
  1. free system
  2. consumer driven system
  3. market system
  4. democratic system
Grade 5 Economics
The factors of production refer to
  1. things or skills needed to produce goods and services
  2. the way the government is organized
  3. how we spend our money
  4. how society creates jobs
Grade 5 Economics
A machine that allows bank customers to deposit or withdraw money without visiting their bank
  1. ATM
  2. Bank
  3. Online banking
  4. Safe deposit box
Grade 5 Economics
When you spend your money to buy a piece of candy, you are acting as a
  1. producer
  2. importer
  3. consumer
  4. exporter
Grade 5 Economics
Objects or things, such as a bike, shirt, or watch are considered
  1. services
  2. income
  3. goods
  4. needs
Grade 5 Economics
Ashley bought a new dress (goods) and got her hair cut (service). She is a
  1. consumer
  2. budget
  3. mother
  4. expense
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