Introduction to Economics Worksheet

What is the main focus of economics?

• The study of how people make choices to satisfy their needs and wants

• The study of weather patterns

• The study of animal behavior

• The study of ancient civilizations

Which of the following is an example of a need?

• Water

• Smartphone

• Designer shoes

• Video games

Which of the following is an example of a want?

• Luxury car

• Air to breathe

• Basic food

• Shelter

What is the difference between goods and services?

• Goods are tangible items, services are activities done for others

• Goods are always free, services are always paid

• Goods are only for businesses, services are only for consumers

• Goods are intangible, services are physical objects

Which of the following is a service?

• Haircut

• Bread

• Car

• Book

Which of the following is a natural resource?

• Water

• Factory

• Money

• Computer

Which of the following is a capital resource?

• Machinery

• Sunlight

• Forest

• River

Which of the following is a human resource?

• Teacher

• Coal

• Tractor

• Gold

Which is NOT a factor of production?

• Weather

• Land

• Labour

• Capital

Who is considered an entrepreneur in the factors of production?

• A person who starts a new business

• A person who works in a factory

• A person who buys goods

• A person who consumes products