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Economics Vocabulary
Test Description: Vocabluary 4th grade over economics terms
Instructions: Answer all questions to get your test result.
1) scarcity
A
workers and their skills
B
There are only certain amounts of resources.
C
Things in nature that people see as useful
D
not enough
2) limited resources
A
capital resources
B
There are only certain amounts of resources.
C
things that are used to produce more goods and services
D
Uncle Bill
3) human resources
A
teachers
B
all of the above
C
truck drivers
D
workers and their skills
4) natural resources
A
cars
B
a and c
C
trees
D
things in nature that people see as useful.
5) producer
A
someone who makes goods or provides services
B
to trade
C
a sheep
D
a factory
6) consumer
A
not enought
B
someone who buys goods and services
C
to trade
D
someone who drives a school bus.
7) exchange
A
not enough
B
someone who buys goods and services
C
to trade
D
water
8) opportunity cost
A
to trade
B
birthday wishes
C
The cost of an ipad
D
What you give up to gain something else.
9) capital resources
A
unlimited wants
B
limited resources
C
things that are used to produce more goods and services
D
not enough
10) specialization
A
buying candles
B
exhcange
C
when people produce only some of the goods and services they consume.
D
ox-cart man
*select an answer for all questions
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