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WorksheetsUnit 1: Decisions
Total questions: 54
Worksheet time: 1hrs 8mins
Name
Class
Date
1.
You get a hair cut.
a)
Good
b)
Service
2.
You buy a book from a garage sale.
a)
Good
b)
Service
3.
You hire someone to cut your lawn.
a)
Good
b)
Service
4.
You buy your mother a flower from a flower shop.
a)
Good
b)
Service
5.
You visit the doctor for a checkup.
a)
Good
b)
Service
6.
You purchase a game to give as a birthday gift.
a)
Good
b)
Service
7.
You pay your sister $5 to clean your messy bedroom.
a)
Good
b)
Service
8.
Which one is a need?
a)
Water
b)
Soda
c)
TV
d)
iPhone
9.
Goods or services that are not necessary, but that we desire or wish for. Examples: video games, toys
a)
Demand
b)
Needs
c)
Wants
d)
Presents
10.
Goods or services that are required. Examples: food, clothing, shelter
a)
Needs
b)
Wants
c)
Producer
d)
Supply
11.
Someone who buys and uses goods and services
a)
Producer
b)
Consumer
c)
Spender
d)
Borrower
12.
The person or business that provides goods and services
a)
Borrower
b)
Consumer
c)
Producer
d)
Saver
13.
A New Year's resolution is a kind of
a)
accomplishment
b)
goal
c)
need
d)
solution
14.
Goals may be all of the following EXCEPT
a)
long term
b)
short term
c)
realistic
d)
unchangeable
15.
When you make a schedule and gather your resources, you are at the _______ step of the management process
a)
evaluating
b)
implementing
c)
organizing
d)
planning
16.
When you identify a goal that you would like to accomplish, you are at the ______ step of the management process.
a)
evaluating
b)
implementing
c)
organizing
d)
planning
17.
When you put your plan for purchasing an item into practice, you are at the _____ step of the management process.
a)
evaluating
b)
implementing
c)
organizing
d)
planning
18.
When you look back on your plan for purchasing an item to see how effective it was, you are at the ______ step of the management process.
a)
evaluating
b)
implementing
c)
organizing
d)
planning
19.
Anything that is helping one reach a goal
a)
wants
b)
needs
c)
resources
d)
goods
20.
Judgments about the importance of others
a)
goals
b)
priorities
c)
wants
d)
needs
21.
Things you desire, but, not necessary for living
a)
wants
b)
needs
c)
priorities
d)
goals
22.
Strongly held beliefs about what is worthwhile
a)
goals
b)
priorities
c)
resources
d)
values
23.
Established levels of quality to measure against
a)
goals
b)
standards
c)
values
d)
priorities
24.
When an economic system cannot produce all the goods and services people want
a)
plenty
b)
ecology
c)
standard
d)
scarcity
25.
Using resources effectively to reach goals.
a)
management
b)
standards
c)
values
d)
goods
26.
Giving up something when we decide to use our resources one way instead of another
a)
scarcity
b)
opportunity cost
c)
ecology
d)
leadership
27.
Offering services for no pay.
a)
Conserving
b)
Volunteering
c)
Managing
d)
Leading
28.
The ability to inform and assist others.
a)
Leadership
b)
Conservation
c)
Volunteering
d)
Shoplifting
29.
The role of a citizen does NOT include:
a)
using public services
b)
voting
c)
producing goods
d)
paying taxes
30.
This role that we play in the economy involves us producing goods and performing services without necessarily being paid:
a)
cosumer
b)
worker
c)
citizen
d)
none of the above
31.
An impulse purchase involves:
a)
consulting others
b)
following a whim
c)
planning ahead
d)
weighing the pros and cons
32.
A business owned and run by just one person
a)
Contingent Worker
b)
Mission statement
c)
Proprietorship
d)
Partnership
33.
A business owned and controlled by two or more people who have entered into a written agreement.
a)
Intermediaries
b)
Partnership
c)
Policies
d)
Goals
34.
In this economic system, individual people and companies choose what will be produced, how it will be produced, and who it will be produced for.
a)
Market
b)
Command
35.
The government has little to no role in the production of goods in this type of economy.
a)
Traditional
b)
Mixed
c)
Command
d)
Market
36.
Which of the following is an economic system in which economic decisions are made according to social roles & culture?
a)
Market economy
b)
Command economy
c)
Traditional economy
d)
Mixed economy
37.
What are the 3 economic questions?
a)
What to produce? How To Produce? For whom to produce?
b)
Who to produce? Why you produce? Like to produce?
c)
Why to produce? Tell who to produce? Things to produce?
38.
When people want or need more of something than there is.
a)
Scarcity
b)
Profit
c)
Opportunity Cost
d)
Tax
39.
Economic system where the government answers all three basic economic questions:
a)
Market
b)
Command
c)
Traditional
d)
Modern or Mixed
40.
Looks at decision making by individuals, households, and businesses.
a)
Trade-off
b)
Law of Unintended Consequences
c)
Micro Economics
d)
Macro Economics
41.
Focuses on the workings of an economy as a whole
a)
Trade-off
b)
Law of Unintended Consequences
c)
Micro Economics
d)
Macro Economics
42.
What does this curve represent?
a)
demand
b)
supply
c)
equilibrium
d)
shortage
43.
What does this curve represent?
a)
supply
b)
equilibrium
c)
demand
d)
surplus
44.
Generally speaking, the lower the price, the greater the quantity demand.
a)
True
b)
False
45.
As prices go up, ______________ goes down.
a)
Supply
b)
Demand
c)
Utility
46.
According to the Law of Demand, when prices rise, demand for those products goes in this direction.
a)
up
b)
down
c)
stay the same
d)
always go up
47.
According to the Law of Demand, when prices fall, the demand for those products go in this direction.
a)
up
b)
down
c)
stay the same
d)
always go down
48.
The Law of Supply states:
a)
as price increases, supply increases
b)
as prices decrease, supply increases
c)
as price increases, quantity demanded decreases
d)
as price decreases, quantity demanded decreases
49.
What is the difference between wants and needs
a)
Needs are good and wants are services
b)
Needs are necessary for survival, wants are nice to have
c)
Needs are nice to have, wants are necessary for survival
d)
Needs are services and wants are goods
50.
Choose the word that best completes the sentence below. A _________ is an aim or purpose.
a)
goal setting
b)
goal
c)
short-term goal
d)
mid-term goal
51.
Choose the word that best completes the sentence below. A ___________ usually requires a lot of time and planning to accomplish.
a)
goal setting
b)
goal
c)
long-term goal
d)
mid-term goal
52.
Tools we use to make products
a)
capital resources
b)
human resources
c)
natural resources
d)
entrepreneurs
53.
The using up of a resource
a)
scarcity
b)
supply
c)
services
d)
consumption
54.
What increases productivity?
a)
specialization
b)
capital resources
c)
education/training
d)
all of the above
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