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WorksheetsEconomics
Total questions: 22
Worksheet time: 16mins
Name
Class
Date
1.
What is a need?
a)
Nothing
b)
Something you have to have to live
c)
Something you would like to have
d)
Ice cream
2.
What is a good?
a)
A need
b)
A baseball game
c)
Things people do for money
d)
Things that people make or grow
3.
What is a want?
a)
A person
b)
Something you would like to have but don't need to live
c)
Purple
d)
Something you need to live
4.
A person who uses and buys goods and services
a)
money
b)
producer
c)
consumer
d)
economics
5.
A person who makes goods or provides a service
a)
goods
b)
service producer
c)
producer
d)
consumer
6.
Which of the following is not a good?
a)
Clothes
b)
Food
c)
Dog Walker
d)
Toys
7.
Which of the following is not a service?
a)
Dry Cleaner
b)
Car Wash
c)
Clothes
d)
Babysitter
8.
Things that were not made by humans and are found in nature
a)
natural resources
b)
human resources
c)
capital resources
d)
services
9.
A crew of men are hired to paint a new house. They are providing a ____
a)
service
b)
product
c)
specialization
d)
good
10.
Trading something for something else - no currency involved
a)
demand
b)
barter
c)
goods
d)
market
11.
Tools we use to make products
a)
capital resources
b)
human resources
c)
natural resources
d)
entrepreneurs
12.
How much people want something
a)
supply
b)
demand
13.
The idea that resources are limited; we don't have an unlimited supply of what we want
a)
scarcity
b)
supply
c)
demand
d)
inflation
14.
How much of something is available
a)
supply
b)
demand
15.
The money that remains after all the costs of production have been paid.
a)
Loss
b)
Supply
c)
Profit
d)
Tax
16.
Resources that can be replaced or renewed like wood, plastic, and rubber.
a)
Human Resources
b)
Renewable Resources
c)
Nonrenewable Resources
d)
Capital Resources
17.
When someone or a business chooses to specialize or produce certain items.
a)
Entrepreneur
b)
Economics
c)
Voluntary Exchange
d)
Specialization
18.
A person who comes up with a product or service, and finds the money and time to produce this new product.
a)
Entrepreneur
b)
Incentive
c)
Specialization
d)
Barter
19.
The people who do the labor. Anyone who works.
a)
Human Resource
b)
Renewable Resource
c)
Supply
d)
Demand
20.
Farmers grow crops to sell. Farmers are __________.
a)
consumers
b)
producers
21.
When their is a limited amount of resources available
a)
Supply
b)
Command Economy
c)
Opportunity Cost
d)
Scarcity
22.
The benefit you give up by choosing to do one thing instead of another
a)
Opportunity Cost
b)
Profit
c)
Scarcity
d)
Producers
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