Economics Learning Material Worksheet

Front

According to the image, which of the following is an example of a finite resource? Your time, Your dreams, Your imagination, Your wishes

Back

Your time

Front

What is the basic economic problem described in the material?

Back

Scarcity

Front

Which of the following is an example of a natural resource that can be scarce? Water, Teachers, Computers, Cars

Back

Water

Front

What does "supply" refer to in economics?

Back

The amount of a good or service that is available for consumers to buy

Front

What does a surplus on a supply and demand graph indicate?

Back

Supply is greater than demand

Front

What is a shortage in economic terms?

Back

When demand is greater than supply

Front

Who benefits from a shortage?

Back

The producer

Front

What is the term for the point where supply and demand meet on a graph?

Back

Equilibrium

Front

What is an example of a trade-off shown in the material?

Back

Buying a $7 strawberry smoothie instead of spending $7 another way or saving it

Front

Opportunity cost (OC) can be described as

Back

all of these answers are examples of opportunity cost (OC)