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Economics & Culture

Grade 4 · On-level practice · 8 questions · Version PG-1O95FNT-1JXY

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1.Explain “demand” in your own words.
2.Explain “tariff” in your own words.
3.Explain “culture” in your own words.
4.Explain “inflation” in your own words.
5.Explain “supply” in your own words.
6.Explain “specialization” in your own words.
7.Explain “export” in your own words.
8.Explain “cultural diffusion” in your own words.

Answers and teaching notes

Use the answers to check the work after the learner finishes. For writing prompts, the guide describes what a strong response should include.

Show answers for version 16
  1. Explain “demand” in your own words.the amount buyers are willing to purchase
  2. Explain “tariff” in your own words.a tax placed on imported goods
  3. Explain “culture” in your own words.shared practices, beliefs, arts, and ways of life
  4. Explain “inflation” in your own words.a broad rise in prices over time
  5. Explain “supply” in your own words.the amount sellers are willing to offer
  6. Explain “specialization” in your own words.focusing on particular tasks or products
  7. Explain “export” in your own words.a good or service sold to another country
  8. Explain “cultural diffusion” in your own words.the spread of ideas and customs between groups

Worked example

Identify resources, choices, tradeoffs, and the cultural context of an exchange.

Common mistake

Ignoring the next-best choice given up.

Helpful hint

Name both the benefit chosen and the opportunity cost.