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WorksheetsUnit 1 Intro. to Economics
Total questions: 10
Worksheet time: 5mins
Name
Class
Date
1.
Economics is
a)
the study of how people produce distribute and use goods and services.
b)
the study of producers and consumers.
c)
the study of the United States.
d)
the study of how economists do their jobs.
2.
There are 3 things that everyone does with their money.
a)
spend, save, share
b)
spend, hide, loan
c)
hide, share, donate
d)
share donate, spend
3.
This factor of production is the ability of individuals to start a new business
a)
capital
b)
entrepreneurship
c)
technology
d)
land
4.
Land is
a)
objects that are used to make a product
b)
natural resouces like water, oil and cattle
c)
natural resources like cars, factories
d)
natural resources like a workers education and experience
5.
This economic system allows citizens to own businesses and compete for profit.
a)
open economy
b)
market economy
c)
command economy
d)
traditional economy
6.
Opportunity cost is
a)
the same as never having enough of something.
b)
the next best choice that you give up in order to do something else
c)
factors of production
d)
country's way of using limited resources
7.
Tools and machinery are part of this factor of production
a)
labor
b)
land
c)
capital
d)
entrpreneurship
8.
Scarcity and shortages have the same economic meaning?
a)
True
b)
False
9.
He is considered the father of economics
a)
Adam Smith
b)
Adam West
c)
Adam Thomas
d)
John Adam
10.
The three criteria that must be present for scarcity to exists are
a)
vast quantity, unlimited value and disirable
b)
limited quantity, more than one use
c)
desirability, limited quantity and more than one use or value
d)
more than one use, unlimited quantity and desirable
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