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WorksheetsThinking Like an Economist
Total questions: 27
Worksheet time: 14mins
Name
Class
Date
1.
Define supply
a)
How much of something people can buy
b)
how many people want to buy
c)
the person who pays for goods and services
d)
the person who is making and selling the goods and services
2.
Define demand
a)
How much of something people can buy
b)
how many people want to buy
c)
the person who pays for goods and services
d)
the person who is making and selling the goods and services
3.
Define consumer
a)
How much of something people can buy
b)
how many people want to buy
c)
the person who pays for goods and services
d)
the person who is making and selling the goods and services
4.
Define producer
a)
How much of something people can buy
b)
how many people want to buy
c)
the person who pays for goods and services
d)
the person who is making and selling the goods and services
5.
Define economics
a)
system of selling and buying goods and services
b)
things we need to survive
c)
things we would like to have, but do not need to survive
d)
The thing that you lose when you choose to buy something else
6.
Define needs
a)
system of selling and buying goods and services
b)
things we need to survive
c)
things we would like to have, but do not need to survive
d)
The thing that you lose when you choose to buy something else
7.
Define wants
a)
system of selling and buying goods and services
b)
things we need to survive
c)
things we would like to have, but do not need to survive
d)
The thing that you lose when you choose to buy something else
8.
Define Opportunity Cost
a)
system of selling and buying goods and services
b)
things we need to survive
c)
things we would like to have, but do not need to survive
d)
The thing that you lose when you choose to buy something else
9.
Define goods
a)
can be bought, touched, and used
b)
something that is done for a customer
c)
Can be replaced within a short period of time
d)
takes a very long time to replace o
10.
Define service
a)
can be bought, touched, and used
b)
something that is done for a customer
c)
Can be replaced within a short period of time
d)
takes a very long time to replace o
11.
Define renewable resources
a)
can be bought, touched, and used
b)
something that is done for a customer
c)
Can be replaced within a short period of time
d)
takes a very long time to replace o
12.
Define nonrenewable resources
a)
can be bought, touched, and used
b)
something that is done for a customer
c)
Can be replaced within a short period of time
d)
takes a very long time to replace o
13.
Mollie goes to the store and buys candles for her mom's birthday. Mollie is the
a)
producer
b)
consumer
14.
Ginny opens a nail salon. People pay Ginny to paint their nails. Ginny is the
a)
producer
b)
consumer
15.
Rachel makes chocolate chip cookies and sells them at the school bake sale. Rachel is the
a)
producer
b)
consumer
16.
Bailey buys groceries, including milk, bread, and vegetables at the grocery store. Bailey is the
a)
producer
b)
consumer
17.
Which is a good
a)
scientist
b)
police officer
c)
milk
d)
car wash
18.
Which is a good?
a)
dentist
b)
shirt
c)
dry cleaning
d)
doctor
19.
Which is a good?
a)
artist
b)
house painter
c)
trash removal
d)
car
20.
Which is a good?
a)
football
b)
house painter
c)
trash removal
d)
car
21.
Which is a service?
a)
hair dresser
b)
shirt
c)
computer
d)
baseball
22.
Which is a service?
a)
broom
b)
scientist
c)
car
d)
pencil
23.
Which is a service?
a)
television
b)
paint
c)
hamburger
d)
house painter
24.
Which is a service?
a)
dentist
b)
tomato
c)
hammer
d)
comb
25.
Which is a service?
a)
fork
b)
couch
c)
apple
d)
actor
26.
When supply is high and demand is low, the price will go
a)
down
b)
up
27.
When demand is high and supply is low, the price will go
a)
up
b)
down
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