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