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WorksheetsMarketing 3.1 Scarcity & Private Enterprise
Total questions: 9
Worksheet time: 5mins
Name
Class
Date
1.
There are enough resources available in the world to meet everyone’s wants and needs.
a)
False
b)
True
2.
In a free enterprise economy, resources are free so anyone can obtain them.
a)
True
b)
False
3.
The U.S. economy has many characteristics of a private enterprise economy.
a)
True
b)
False
4.
Consumers create demand for products when they select the ones they think will provide the greatest satisfaction for the price.
a)
False
b)
True
5.
The quantity of a product that producers are willing and able to provide at a specific price is known as demand.
a)
True
b)
False
6.
The basic economic problem is
a)
scarcity
b)
monopolies
c)
consumers
d)
capitalism
7.
Which needs are satisfied and how resources are distributed in a country depend on
a)
raw materials
b)
consumer education
c)
product prices
d)
the country's economic system
8.
A decision to use resources in a way that results in the greatest profit for the producer is known as
a)
free enterprise
b)
scarcity
c)
the profit motive
d)
value
9.
In a private enterprise economy, the success or failure of a business is determined primarily by
a)
consumer demand
b)
state and federal laws and regulations
c)
the decisions each business makes
d)
competitors' actions
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