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WorksheetsThe Economy
Total questions: 18
Worksheet time: 20mins
In the West African empire of Mali, gold was a(n)
capital resource
natural resource
economic resource
human resource
Why does specialization encourage trade?
People want goods and services they do not have.
The price of goods and services decreases with specialization.
Specialization encourages people to travel and spend money.
Specialization provides different jobs in a community.
What is an opportunity cost?
The choice between two possibilities.
The choice that is given up when a decision is made.
The decision-making model used to make a choice.
A type of economic specialization.
Which two are capital resources?
tree
computer
hammer
cow
Natural resources are -
goods made by people and used to produce other goods and services.
people working to produce goods and services
materials that come directly from nature
things that people make or use to satisfy their needs and wants
A miner in ancient China digs for metal. When the metals are melted together they form bronze which is used
to make weapons, pots, and tools.
The MINER is a -
consumer
capital resource
producer
natural resource
A miner in ancient China digs for metal. When the metals are melted together they form bronze which is used
to make weapons, pots, and tools.
The NATURAL RESOURCE is -
pots
metals
tools
the miner
Virginia specializes in the production of which good & service?
olive picking and grapes
silk making and rice
shipbuilding and coal
gold mining and salt
Which two are examples of capital resources found in ancient Egypt?
farmers
fish
irrigation systems
water
plows
Why do people make choices?
because some choices do not have opportunity costs
because they cannot have everything they want
because regions often specialize in certain goods and services
because resources are used to produce goods and services
What is the Opportunity Cost in this decision?
CHOICES: French fries OR onion rings
CHOICE MADE: Onion rings
OPPORTUNITY COST: ?
french fries
onion rings
french fries & onion rings
What CHOICE was made in this economic decision?
CHOICES: new toy OR money in the bank
CHOICE MADE: ?
OPPORTUNITY LOST: money in the bank
new toy & money in the bank
money in the bank
new toy
What were the CHOICES in this economic decision?
CHOICES: ?
CHOICE MADE: vacation
OPPORTUNITY COST: new iPad
vacation & new iPad
vacation
new iPad
With $1.00 you can buy either an ice cream or a candy bar. This is called a(n) -
opportunity cost
scarcity
specialization
economic choice
Which of the following is an example of a natural resource?
car
house
chef
orange
In which ancient civilization would you find the human resources in the picture?
Ancient Rome
Ancient Greece
Ancient Egypt
Empire of Mali
What are goods?
Things we do for other people
People who use resources
Things people make or use
Activities that satisfy wants
PEOPLE who use resources to make goods and/or provide services are called -
natural resources
consumers
producers
capital resources
