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