WorksheetsEconomics Basics
Total questions: 10
Worksheet time: 6mins
Name
Class
Date
1.
The situation in which unlimited wants exceed the limited resources available to fulfill those wants.
a)
Market
b)
Tradeoff
c)
Scarcity
d)
Equity
2.
The highest-valued alternative that must be given up to engage in an activity.
a)
Scarcity
b)
Factors of Production
c)
Innovation
d)
Opportunity Cost
3.
There are 4 _______________. They are land, labour, capital and entrepreneurship.
a)
Factor of Production
b)
Market Economy
c)
Profit
d)
Economics
4.
A group of buyers and sellers which come together to trade
a)
Trade
b)
Market
c)
Macroeconomics
d)
Economic Model
5.
Economic statements that explain economic facts i.e. average income in the UAE is AED 26,000 per month.
a)
Positive Statement
b)
Normative Statement
c)
Equity
d)
Scarcity
6.
An economy in which the government decides how ALL economic resources will be allocated i.e. North Korea
a)
Market Economy
b)
Mixed Economy
c)
Centrally Planned Economy
d)
Entrepreneur
7.
Man-made resources used in the production process i.e. machines in a factory.
a)
Labour
b)
Capital
c)
Household
d)
Revenue
8.
Income from sales (also known as revenue), minus the costs of running the business.
a)
Trade-off
b)
Economic Model
c)
Factor of Production
d)
Profit
9.
Organizing land, labour and capital (factors of production), in the production of goods or services is called
a)
Entrepreneurship
b)
Mixed Economy
c)
Profit
d)
Planned Economy
10.
_______________is the idea that because of scarcity, producing more of one good or service means producing less of another good or service.
a)
Scarcity
b)
Market Structure
c)
Trade-off
d)
Economics
100 %
