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WorksheetsEconomic Systems & Supply & Demand
Total questions: 19
Worksheet time: 10mins
Name
Class
Date
1.
This studies how individuals and societies seek to satisfy want & needs through incentives, choices and allocation of resources.
a)
scarcity
b)
economics
c)
natural resources
d)
capital resources
2.
The initiative to improve goods & services or create new ones is..........
a)
entrepreneurial resources
b)
economics
c)
human resources
d)
capital resources
3.
The knowledge, efforts, and skills people bring to their work, also known as labor.
a)
capital resources
b)
economics
c)
human resources
d)
entrepreneurial resources
4.
This exists when wants exceed resources available to satisfy those wants.
a)
economics
b)
market economy
c)
scarcity
d)
mixed economy
5.
Goods produced and used to make other goods and services.
a)
natural resources
b)
human resources
c)
entrepreneurial resources
d)
capital resources
6.
This is where people believe in doing things the same as they have always been done.
a)
market economy
b)
traditional economy
c)
mixed economy
d)
socialist economy
7.
This type of economy is run by a central government or authority. Examples are: China, Cuba, France, Sweden
a)
Command
b)
Market
c)
Traditional
d)
Socialist
8.
Most nations have this type of economy. In it, the marketplace takes care of people's wants and the government takes care of their needs.The U.S. has this type.
a)
Command Economy
b)
Market Economy
c)
Mixed Economy
d)
Traditional Economy
9.
A disadvantage to the Mixed Economy is
a)
a balance of needs & wants are met.
b)
citizens have to pay taxes.
c)
marketplace takes care of people's wants.
d)
government takes care of people's needs.
10.
A supply & demand graph
a)
would show changes in a products demand or supply.
b)
is a visual representation of supply & demand.
c)
can predict the performance of the product over time.
d)
all of the answers are correct
11.
Demand can be best defined as
a)
an individuals need or desire for a good or service at a given price.
b)
how much of a good or service is being produced.
12.
When the price is below the equilibrium price, more people are willing to buy alot of the product.
a)
false
b)
true
13.
When the price is above the equilibrium price, more people will be willing to buy.
a)
true
b)
false
14.
When the price is above the equilibrium price, fewer people would be willing to buy.
a)
true
b)
false
15.
When the demand is high
a)
fewer people will be buying the product.
b)
competitors see the opportunity and enter the marketplace.
c)
fewer people will produce the item.
d)
fewer people will buy the item.
16.
More supply causes the price to decrease as the demand is fulfilled.
a)
True
b)
False
17.
This includes the customers & locations a business wants to serve.
a)
island
b)
market
c)
supply
d)
area
18.
As prices fall for a particular good or service, the demand for that item will increase & vice-versa.
a)
Law of Supply
b)
Law of Demand
c)
Law of the Land
d)
Law of Economics
19.
As the price of a particular good or service increases, the supply for that item will also be increased and vice-versa.
a)
Law of Supply`
b)
Law of Demand
c)
Law of Economics
d)
Law of Mrs. Ramsey
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