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WorksheetsEconomies 101 Quick 4.20.17
Total questions: 10
Worksheet time: 5mins
Name
Class
Date
1.
What is the definition of economics?
a)
the branch of knowledge concerned with the production, consumption, and transfer of wealth.
b)
the branch of knowledge concerned with only selling items.
2.
What is a traditional economy?
a)
an economy in which production, investment, prices, and incomes are determined centrally by a government.
b)
An economic system based on culture and traditional values
c)
an economic system combining private (people) and public (government) enterprise.
d)
an economic system in which decisions and the pricing of goods and services are made by the individual citizens and businesses.
3.
What is a command economy?
a)
an economy in which production, investment, prices, and incomes are determined centrally by a government.
b)
An economic system based on culture and traditional values
c)
an economic system combining private (people) and public (government) enterprise.
d)
an economic system in which decisions and the pricing of goods and services are made by the individual citizens and businesses.
4.
What is a market economy?
a)
an economy in which production, investment, prices, and incomes are determined centrally by a government.
b)
An economic system based on culture and traditional values
c)
an economic system combining private (people) and public (government) enterprise.
d)
an economic system in which decisions and the pricing of goods and services are made by the individual citizens and businesses.
5.
What is a mixed economy?
a)
an economy in which production, investment, prices, and incomes are determined centrally by a government.
b)
An economic system based on culture and traditional values
c)
an economic system combining private (people) and public (government) enterprise.
d)
an economic system in which decisions and the pricing of goods and services are made by the individual citizens and businesses.
6.
What is a budget?
a)
is an expression of a financial plan for a defined period of time.
b)
a person who purchases goods and services for personal use.
c)
a person, company, or country that makes, grows, or supplies goods or commodities for sale.
d)
the state of being in short supply; shortage.
7.
What is a producer?
a)
is an expression of a financial plan for a defined period of time.
b)
a person who purchases goods and services for personal use.
c)
a person, company, or country that makes, grows, or supplies goods or commodities for sale.
d)
the state of being in short supply; shortage.
8.
What is a consumer?
a)
is an expression of a financial plan for a defined period of time.
b)
a person who purchases goods and services for personal use.
c)
a person, company, or country that makes, grows, or supplies goods or commodities for sale.
d)
the state of being in short supply; shortage.
9.
What is scarcity?
a)
is an expression of a financial plan for a defined period of time.
b)
a person who purchases goods and services for personal use.
c)
a person, company, or country that makes, grows, or supplies goods or commodities for sale.
d)
the state of being in short supply; shortage.
10.
What is an entrepreneur?
a)
A person who does not want to be a risk-taker.
b)
A person who only sells labor and land.
c)
People who combine labor, land, and capital resources to start a business
d)
A person in a command economy that is in charge.
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