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WorksheetsEconomics Part 1
Total questions: 25
Worksheet time: 13mins
Name
Class
Date
1.
The inability to satisfy all wants at the same time
a)
demand
b)
supply
c)
consumption
d)
scarcity
2.
Factors of production that are used in the production of goods and services
a)
products
b)
resources
c)
services
d)
consumption
3.
Selecting an item or action from a set of possible alternatives
a)
choice
b)
command
c)
products
d)
demands
4.
What is given up when a choice is made
a)
command
b)
opportunity cost
c)
opportunity choice
d)
free market
5.
The amount of money exchanged for a good or service
a)
price
b)
cost
6.
An example of an incentive could be
a)
coupons
b)
sales
c)
both coupons and sales
d)
none of these
7.
Combining of the resources to make goods or provide services
a)
consumption
b)
demand
c)
supply
d)
production
8.
Using goods and services
a)
consumption
b)
demand
c)
supply
d)
incentives
9.
The amount of a good or service that PRODUCERS are willing and able to sell at a certain price
a)
demand
b)
supply
10.
Amount of a good or service that CONSUMERS are willing and able to buy at a certain price
a)
demand
b)
supply
11.
Economy where economic decisions are based on historical precedent or traditions
a)
mixed
b)
free-market
c)
command
d)
traditional
12.
Economy where there is a lack of consumer choice
a)
traditional
b)
command
c)
free market
d)
mixed
13.
Economy with individual choice and no government involvement in the economy
a)
traditional
b)
command
c)
free-market
d)
mixed
14.
Economy with profit motive and no government involvement in the economy
a)
traditional
b)
command
c)
free-market
d)
mixed
15.
In this economy the government is the owner and decision maker for the public sector
a)
traditional
b)
command
c)
free-market
d)
mixed
16.
An entrepreneur is a person who -
a)
enforces government regulations for businesses
b)
takes the risk of production to earn a profit
c)
sets the interest rates at banks
d)
manages financial investments
17.
Most countries, including the US, have this economic system:
a)
Traditional
b)
Free-market
c)
Mixed
d)
Command
18.
The earnings after a business has paid off all other expenses is called -
a)
capital
b)
profit
c)
wages
d)
taxes
19.
A form of business organization with one owner who assumes all of the risks AND the profits
a)
Proprietorship
b)
Partnership
c)
Corporation
d)
Entrepreneur
20.
A form of business organization with two or more owners
a)
Proprietorship
b)
Partnership
c)
Corporation
d)
Entrepreneur
21.
A form of business organization that is authorized by law to act as a legal entity regardless of the number of owners
a)
Proprietorship
b)
Partnership
c)
Corporation
d)
Entrepreneur
22.
A person who takes a risk to sell and produce goods and services in search of profit
a)
Proprietorship
b)
Partnership
c)
Corporation
d)
Entrepreneur
23.
Individuals and businesses have the right to own personal property as well as the means of production without undue influence from the government
a)
sovereignty
b)
private property
24.
Rivalry between producers and sellers
a)
sovereignty
b)
competition
25.
Consumers determine through purchases what goods and services will be produced
a)
consumer sovereignty
b)
competition
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