Are You Smarter Than a 6th Grader?

Are You Smarter Than a 6th Grader? 1,000,000 Are You Smarter Than a 6th Grader? 500,000 300,000 Trade II Development 175,000 100,000 Supply and Demand Economics II 50,000 Entrepreneurs Wild Card 25,000 10,000 Economy Trade 5,000 2,000 Economic Systems More Economic Systems 1,000

6th Grade Economic Systems Question What economic system allows people and businesses the freedom to make the decision of what products and services they want to buy?

6th Grade Economic Systems Answer This type of freedom occurs in a market economy Return

6th Grade More Economic Systems Question What type of economic system has every decision made about production done by the government?

6th Grade More Economic Systems Answer The government makes all decisions in a command, or in a pure communist system Return

6th Grade Supply and Demand Question What would happen to the price of an item if the supply of an item decreased and the demand for an item increased?

6th Grade Supply and Demand Answer The price of the item would increase. The opposite thing would happen if the demand decreased and the supply went up. Return

6th Grade Economics II Question What are the factors of production?

6th Grade Economics II Answer The factors of production are: Human Resources Capital Resources Natural Resources These are combined by an entrepreneur to make a new product, or a better way of doing something. Return

6th Grade Entrepreneurs Why would it be risky to be an entrepreneur?

6th Grade Entrepreneurs Answer Entrepreneurs need to take risks in order to try and make a profit. Not all risks pay off and they could end up losing their business. Return

6th Grade Wild Card Question What type of resource is shown below?

6th Grade Wild Card Answer This would be an example of a capital resource (a piece of equipment or machinery that helps people make a good or a service) Return

6th Grade Trade Questions What is a tariff?

6th Grade Trade Answer A tariff is a tax that is placed on imported goods that is designed to be a barrier to trade. It causes an item to be cheaper in the country where it came from and to be more expensive to the countries that it is sent to. Return

6th Grade Trade II Question Why do people trade goods and services?

6th Grade Trade II Answer People trade because they have something to gain from the person they traded with. They only trade if the trade will benefit both people. Return

6th Economy What type of scenario would cause an economy to grow stronger?

6th Grade Economy Answer When production increases and consumers buy more goods this causes the economy as a whole to grow and causes the GDP to grow higher. Return

6th Grade Development Question What is the difference between a developing nation and a developed nation?

6th Grade Development Answer A developed nation is a country with a developed economy and many industries. A developing nation is a country that does not have a well developed economy and does not contain many industries Return

6th Grade Chapter Review Question

1,000,000 Question What are the factors of production? (Define them all)

1,000,000 Answer Capital Resource – A tool, machine, or building that is used in the production of goods and services Human Resource – Labor done by people Natural Resource – Useful materials found in nature Return

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