WorksheetsNC Economy Review
Total questions: 23
Worksheet time: 12mins
What does the term economy mean ?
How much of an item you have.
How people manage material resources.
How people decide how much an item costs.
It's just about jobs.
What are goods ?
Things you can only trade. (EX Rocking chairs)
Things you can only buy. (EX Shoes or hats)
High quality items. (EX iPhones)
Things you can touch. (EX Food)
What does services mean ?
Work or activities people perform, often for a fee (EX mowing lawns)
Something you can touch (EX apples)
Trading one thing for another (EX you )
Work or activities people perform, almost always for free (raking leaves)
What is a consumer ?
An item you can sell.
An item that you can buy.
A person who sells a good or service.
A person who buys a good or service.
What is a producer ?
A thing you can sell.
A thing you can buy.
Someone who sells an item or service.
Someone who buys an item or service
What are natural resources ?
These are random items people make. (EX tables)
These are useful items from the Earth. (EX trees)
These are raw materials turned into finished goods. (EX shoes)
These are services done to help the environment (EX park rangers)
What does supply mean ?
The amount of a good or service available to buy.
The amount of a good or service available to sell.
How much a product a person wants.
How much of a service a person wants or needs.
What does demand mean ?
How much of a good or service a consumer is willing to buy.
How much of a good or service a consumer is willing to sell.
The amount a person will pay for just an item.
The amount of a product available .
What does the term profit mean ?
The amount left after costs are subtracted from the price.
The amount a person is willing to pay for an item.
The amount a good or service costs.
The amount a producer charges for an item.
If you were in a traditional economy you would do what ?
Buy what you need with money.
The government would tell the producer how much you need to make.
Trade for what you need.
Grow or make what you need and not deal with other people.
Who is in control of a command economy ?
Both the consumers and the producers
Just the consumers
Just the producers
Just the government
Who controls a market economy ?
The government
The consumers.
The producers.
No one.
What are biological resources ?
They are non renewable.
Just plants.
Plants and animals.
Everything that comes from nature.
Natural substances found inside the Earth are known as what ?
Raw materials
Biological resources
Mineral resources
Dirt
Where does globalization take place ?
It's the local economy.
It's the economy of the state.
It's the economy of the country.
It's the economy of the world.
What is GDP and what does it measure ?
Gross Domestic Product, it measures the total value of the final goods and services produced in the U.S. in a time period.
Good Dollar Price, how much the U.S. dollar is worth compared to economies of other countries.
Greater Deals and Products, it means how well consumers believe the economy is doing over a span of ten years.
Goofy, Donald and Pluto, three characters from Mickey Mouse
What does CPI stand for and what does it mean ?
Certified Price Influence, a measurement of how good the economy is doing.
Common Percentage Indicator, a mathematical formula that economists use to determine the price of goods versus the price of services over time.
Consumer Price Index, an economic indicator that measures prices.
Can't Pick Inside your nose, the common rule that says your shouldn't put your finger in your nose no matter how bad you want to.
What does inflation mean ?
The decrease in price of a good or service. Meaning more purchasing power for the consumer.
The increase in price of a good or service. Meaning less purchasing power for the consumer.
The increase in demand of a product. Meaning less power the producer has in the economy.
The decrease in demand of a product. Meaning more power the producer has in the economy.
Which of the following are two pieces of unemployment ?
Not having a job but actively looking for one.
Having a job but actively looking for a better one.
Not having a job and not looking for another one.
Working at a job that pays less then your previous job.
What's the difference between income and expenses ?
Income is the total money before taxes, expenses is the money after taxes.
Income is the money that goes out to cover the things you need, expenses is that money that your acquire.
Income is the money that you acquire, expenses is that money that goes out to cover the things you need.
There is no difference, both terms are the same.
When you write a check from an account that does not have enough funds, this is called what ?
Predraft
Underdraft
Overdraft
Postdraft
People make investments in the hopes of what ?
Saving money.
A better price on a product or service.
Making a profit or more money.
Not having to pay taxes, ever.
What does credit mean ?
Paying for an item now and receiving it at a later date.
Receiving an prize in the mail you don't have to pay for.
Taking possession of an item and paying for it later, with interest.
Taking possession of a service by trading a good for it.
