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WorksheetsEcon Review 2
Total questions: 10
Worksheet time: 5mins
Name
Class
Date
1.
Money banks charge for borrowing money is called:
a)
interest
b)
competition
c)
profit
2.
A type of business with many owners called stockholder is called:
a)
Corporation
b)
Partnership
c)
Sole Proprietorship
3.
The inability to satisfy all wants at the same time is called:
a)
competition
b)
scarcity
c)
economy
4.
The study of how people make decisions with limited resources is called:
a)
Resources
b)
Monopolies
c)
Economics
5.
One company controlling an entire industry with no competition is called:
a)
Innovation
b)
Monopoly
c)
Scarcity
6.
The amount of a good consumers are willing and able to buy a certain price is called:
a)
demand
b)
supply
c)
opportunity cost
7.
Factors of productions are also called:
a)
resources
b)
economics
c)
needs
8.
When demand for a product increase, supply decrease, what happens to price?
a)
Price decreases
b)
Price increases
c)
Price stabilizes
9.
What does scarcity force people to do?
a)
Make more money
b)
Make more goods
c)
Make decisions
10.
Offers used to influence consumer behavior and motivate them to spend money is called:
a)
Incentives
b)
Opportunity Cost
c)
Profits
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