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WorksheetsEconomy
Total questions: 14
Worksheet time: 13mins
Name
Class
Date
1.
Which of the following is a good?
a)
cutting grass
b)
car wash
c)
apple
d)
restaurant
2.
Which of the following is a service?
a)
car
b)
shoes
c)
waiter
d)
computer
3.
The term "factors of production" means:
a)
things or skills needed to produce goods or services
b)
how we spend our money
c)
the resources of the government
d)
how society creates jobs
4.
The term, "labor" means:
a)
Work the people do to produce goods and services.
b)
The natural resources used to produce goods or services.
c)
Person who organizes the factors of production to produce goods/services; business owners.
d)
Goods not created for their own use, but to make other goods/services.
5.
The term, "entrepreneurship/managment" means:
a)
Person who organizes the factors of production to produce goods/services; business owners.
b)
Goods not created for their own use, but to make other goods/services.
c)
Work the people do to produce goods and services.
d)
The natural resources used to produce goods or services.
6.
The term, "capital" means:
a)
This is money, factories, heavy machinery or anything used to produce goods.
b)
Work the people do to produce goods and services.
c)
Person who organizes the factors of production to produce goods/services; business owners.
d)
The natural resources used to produce goods or services.
7.
The term, "land" means:
a)
The natural resources used to produce goods or services.
b)
Work the people do to produce goods and services.
c)
Goods not created for their own use, but to make other goods/services.
d)
Person who organizes the factors of production to produce goods/services; business owners.
8.
Which factor of production would you consider a lawn mower?
a)
Land
b)
Labor
c)
Capital
d)
Management/
Entrepreneur
Entrepreneur
9.
Which factor of production would you consider a cow?
a)
Land
b)
Labor
c)
Capital
d)
Entrepreneur/
Management
Management
10.
Iron, minerals, coal and plants are examples of which productive resource?
a)
land
b)
labor
c)
management/
entrepreneurship
entrepreneurship
d)
capital
11.
A garbage truck driver is an example of which Factor of Production?
a)
labor
b)
land
c)
management/
entrepreneurship
entrepreneurship
d)
capital
12.
What is the main goal of socialism?
a)
is to narrow, not totally do away with, the gap between the rich and the poor.
b)
to do away with the gap between the rich and poor and to have an equal economy for everyone.
13.
Who owned everything under communism?
a)
Wealthy people
b)
The secret police
c)
The government
d)
The poor people
14.
What is Capitalism?
a)
A system where the government controls business
b)
An economic system where the means of production are privately owned and operated for profit!
c)
An economic system in which the people have limited rights
d)
An economic system in which most property and resources, such as factories or farms, are publicly owned or controlled.
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