WorksheetsBasic Economic Terms
Total questions: 28
Worksheet time: 1hrs 24mins
Name
Class
Date
1.
What is a natural resource?
a)
resource from people, work that people do or skills and knowledge people have
b)
a resource that comes from earth or nature
c)
resources made by people
d)
None of the above
2.
If you are making a decision between buying pizza or hamburger and you choose pizza, what is your opportunity cost of that decision?
a)
The pizza
b)
The money you spent on the pizza
c)
The hamburger
d)
None of the above
3.
An incentive is...
a)
Somethings that discourages you from making a decision...
b)
A penalty for making a bad decsion...
c)
People who make decsions...
d)
A factor that encourages people to act in a cetain way...
4.
A tennis racket is an example of a __________
a)
Good
b)
Service
5.
Al Bundy was a fine shoes salesman. Was Al a good or a service?
a)
Good
b)
Service
6.
Which one of these is not a factor of production
a)
Natural Resource
b)
Capital
c)
Money
d)
Labor
7.
Entrepreneurs takes __________ when starting a new business
a)
Reward
b)
Praise
c)
Risk
8.
Nail salon is an example of a
a)
service
b)
good
9.
Any place or system that allows buyers and sellers to exchange goods and services is called a...
a)
Market
b)
Internet
c)
Mall
d)
Money
10.
a medium of exchange used to buy and sell resources, goods,or services is...
a)
Interdependence
b)
Value and Price
c)
Money Currency
11.
The worth of a good or service that is determined by the total cost of economic resources that went in to producing and providing a good or service is...
a)
Mixed System
b)
Value and Price
c)
Supply
d)
Deman
12.
What does it mean to trade without using money?
a)
Producer
b)
Barter
c)
Economy
d)
Services
13.
The return of money for labor/working is called ________.
a)
Income
b)
Wage
14.
Receiving money for work a person has done is called an ___________
a)
Income
b)
Wage
15.
When a new toy comes out that everyone wants, the supply is ________, the demand is _______, and the price is _________.
a)
high, low, high
b)
low, high, high
c)
high, high, high
d)
low, low, low
16.
When the toy has been out for quite some time; demand will _____, the supply will ________, and the price will _______.
a)
Decrease, decrease, decrease
b)
Decrease, increase, decrease
c)
Increase, increase, decrease
17.
Choice
a)
The ability to combine land, labour and capital resources to create, plan and produce goods and services.
b)
The amount of a good or service that consumers are willing and able to purchase at a particular price and point in time.
c)
When you have to make a decision about selecting between two or more different things
d)
The economic problem of having unlimited needs and wants with only limited means to satisfy them
18.
Consumer
a)
Individuals and businesses involved in the production of goods and services.
b)
A good or service that is desired but which is not necessary for survival.
c)
The human skills, as well as the physical and mental effort, used to produce goods and services. Examples include nurses, engineers, truck drivers, musicians and teachers.
d)
A person or a group that is the final user of goods and services produced within an economy.
19.
Opportunity Cost
a)
A good or service that is desired but which is not necessary for survival.
b)
The economic problem of having unlimited needs and wants with only limited means to satisfy them
c)
The cost of a good or service we forgo (give up) when we choose another.
d)
The human skills, as well as the physical and mental effort, used to produce goods and services. Examples include nurses, engineers, truck drivers, musicians and teachers.
20.
Producer
a)
The human skills, as well as the physical and mental effort, used to produce goods and services. Examples include nurses, engineers, truck drivers, musicians and teachers.
b)
A good or service that is desired but which is not necessary for survival.
c)
Individuals and businesses involved in the production of goods and services.
d)
The amount of a good or service that consumers are willing and able to purchase at a particular price and point in time.
21.
Wants
a)
A good or service that is necessary to maintain survival. Food, water, shelter, warmth (clothing)
b)
A good or service that is desired but which is not necessary for survival.
c)
All activities undertaken for the purpose of producing, distributing and consuming goods and services in a region or country
d)
All activities undertaken for the purpose of producing, distributing and consuming goods and services in a region or country
22.
Supply
a)
The amount of a good or service that producers are willing and able to sell at a particular price and point in time.
b)
Human-made or manufactured objects that help produce goods and services. For example a secretary uses a computer; a bricklayer uses a trowel; a farmer uses a plough.
c)
A good or service that is necessary to maintain survival. Food, water, shelter, warmth (clothing)
d)
Raw materials supplied from the earth, sea or air. Examples include forests, minerals, water, oil, gas, grain and fish.
23.
Scarcity
a)
The cost of a good or service we forgo (give up) when we choose another.
b)
The economic problem of having unlimited needs and wants with only limited means to satisfy them
c)
When you have to make a decision about selecting between two or more different things
d)
A good or service that is desired but which is not necessary for survival.
24.
Services
a)
When you have to make a decision about selecting between two or more different things
b)
The cost of a good or service we forgo (give up) when we choose another.
c)
All activities undertaken for the purpose of producing, distributing and consuming goods and services in a region or country
d)
Intangible products (these cannot be touched but we know they exist) provided by people that satisfy society's needs and wants. For example: accountants, cleaners, teachers, bus drivers and doctors.
25.
Needs
a)
Human-made or manufactured objects that help produce goods and services. For example a secretary uses a computer; a bricklayer uses a trowel; a farmer uses a plough.
b)
A good or service that is necessary to maintain survival. Food, water, shelter, warmth (clothing)
c)
The human skills, as well as the physical and mental effort, used to produce goods and services. Examples include nurses, engineers, truck drivers, musicians and teachers.
d)
The ability to combine land, labour and capital resources to create, plan and produce goods and services.
26.
Goods
a)
Human-made or manufactured objects that help produce goods and services. For example a secretary uses a computer; a bricklayer uses a trowel; a farmer uses a plough.
b)
The amount of a good or service that consumers are willing and able to purchase at a particular price and point in time.
c)
A good or service that is necessary to maintain survival. Food, water, shelter, warmth (clothing)
d)
Tangible items (physical items than can be touched) that satisfy needs and wants. They can be seen and touched e.g. cars, computers.
27.
Economy
a)
The amount of a good or service that producers are willing and able to sell at a particular price and point in time.
b)
The ability to combine land, labour and capital resources to create, plan and produce goods and services.
c)
Human-made or manufactured objects that help produce goods and services. For example a secretary uses a computer; a bricklayer uses a trowel; a farmer uses a plough.
d)
All activities undertaken for the purpose of producing, distributing and consuming goods and services in a region or country
28.
Demand
a)
All activities undertaken for the purpose of producing, distributing and consuming goods and services in a region or country
b)
The amount of a good or service that consumers are willing and able to purchase at a particular price and point in time.
c)
The cost of a good or service we forgo (give up) when we choose another.
d)
Used to produce goods and services that satisfy needs and wants. The four factors of production are land, labour, capital and enterprise.
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