Social Studies · Economics
Economics Basics Quiz
Scarcity, opportunity cost, supply and demand, budgets, banks and resources.
- 🎓 Grades 4–6
- 🌎 Social Studies
- ❓ 20 questions
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What is scarcity?
- A Having more than you need
- B A kind of bank
- C A tax on goods
- D Not enough resources for all wants
What is opportunity cost?
- A Money you save
- B The cost of a ticket
- C The price of a toy
- D What you give up when you make a choice
When demand goes up and supply stays the same, prices usually…
- A Go up
- B Go down
- C Stay at zero
- D Disappear
When supply goes up and demand stays the same, prices usually…
- A Go up
- B Double
- C Go down
- D Never change
What is a budget?
- A A plan for spending and saving money
- B A type of store
- C A bank robbery
- D A loan from a friend
What is income?
- A Money owed to a bank
- B A tax
- C Money a person earns
- D Money a person spends
What does a bank pay you for keeping money in a savings account?
- A Taxes
- B Rent
- C Fines
- D Interest
What is a person who starts a new business called?
- A Employee only
- B Entrepreneur
- C Banker
- D Consumer
What is profit?
- A All the money a business takes in
- B Money borrowed
- C Money left after paying costs
- D A kind of tax
Money people pay to the government for roads and schools is called…
- A Profit
- B Interest
- C Allowance
- D Taxes
Trees, water and oil are examples of…
- A Human resources
- B Natural resources
- C Capital resources
- D Services
Workers and their skills are examples of…
- A Human resources
- B Capital resources
- C Goods
- D Natural resources
Tools, machines and buildings used to make goods are…
- A Services
- B Human resources
- C Capital resources
- D Natural resources
When workers each do one part of a job, it is called…
- A Inflation
- B Scarcity
- C Specialization
- D Bartering
What is it called when a country buys goods from another country?
- A Saving
- B Importing
- C Exporting
- D Taxing
What is it called when a country sells goods to another country?
- A Importing
- B Borrowing
- C Bartering
- D Exporting
What is a general rise in prices over time called?
- A Profit
- B Supply
- C Interest
- D Inflation
Which is an example of a need?
- A Designer sneakers
- B A video game
- C Shelter
- D A concert ticket
A place where buyers and sellers trade is called a…
- A Bank vault
- B Market
- C Farm field
- D Factory
Money you borrow and must pay back is called a…
- A Gift
- B Loan
- C Wage
- D Profit
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