WorksheetsThe economic way of thinking
Total questions: 10
Worksheet time: 5mins
Name
Class
Date
1.
Desires that can be satisfied by consuming a good or a service is called?
a)
Want
b)
Need
2.
Scarcity exists when there are enough resources to satisfy human wants
a)
True
b)
False
3.
Food, water and shelter are all forms of what?
a)
Services
b)
Goods
c)
Needs
d)
Wants
4.
A stockpile or supply of money, material, goods or staff that can be used in order to function effectively is a
a)
Service
b)
Resource
c)
Need
d)
Want
5.
Great Clips or Super Cuts are examples of a
a)
Producer
b)
Consumer
6.
Are wants limited or unlimited?
a)
Limited
b)
Unlimited
7.
If wants are unlimited but the resources available to satisfy those wants are limited, the result of this difference is called
a)
Capital
b)
Production
c)
Resources
d)
Scarcity
8.
Scarcity leads to three economic questions. Which of these is not one of those questions?
a)
What will be produced
b)
Who will it be produced for
c)
Which political party is currently in power
d)
How will it be produced
9.
What natural resources used to produce goods and services fall under "land"
a)
Water
b)
Minerals
c)
gas
d)
All of the above
10.
Capital is all of the resources made and used by people to produce goods and services
a)
True
b)
False
100 %
