Free Printable Economy

Worksheets

Economy

Total questions: 20

Worksheet time: 13mins

Name

Class

Date

When the supply of a product or service goes up and the demand stays the same the Price will typically do what?

rise

fall

stay the same

Consumer

The desire or willingness a consumer has to purchase a good or a service is called?

shortage

supply

price

demand

The amount of goods or services available is called?

supply

demand

producer

consumer

When there is a shortage the price will usually?

rise

fall

remain the same

equilibrium

Farmers in California have had wonderful weather. They have produced the largest crop of watermelons in years. What will happen to the price of watermelons?

The price will go up.

The price will go down.

Cold weather in Florida has damaged this year’s orange crop. Farmers have only half of the usual amount of oranges to sell. What will happen to the price of oranges?

The price will go up.

The price will go down.

Amazon Prime is selling Smencils. There are only a few packs left and they are very popular. What will happen to the price?

The price will go up.

The price will go down.

Tools we use to make products

capital resources

human resources

natural resources

entrepreneurs

How much people want something

supply

demand

10.

Individuals who come up with a new idea for a good or service, then they make it a reality

resource

human resources

consumer

entrepreneur

11.

The place where goods and services are exchanged

barter

currency

market

resource

12.

How much of something is available

supply

demand

13.

A drought has made this year's tomato harvest smaller than usual. What will probably happen to the overall supply of tomato sauce?

The supply will probably go up

The supply will probably go down

14.

Weather forecasters predict this summer will be much hotter than usual. What will probably happen to the demand for air conditioners?

The demand will probably go up

The demand will probably go down

15.

In general, if the price of a good or service goes down, what happens to the demand for that good or service?

demand goes up

demand goes down

demand stays the same

none of the above

16.

In general, if the price of a good or service goes up, what happens to the demand for that good or service?

demand goes up

demand goes down

demand stays the same

none of the above

17.

A Market Economy is based on?

Goods and Services

Goods and Products

Supply and Demand

Service

18.

Business owners will raise prices if?

Item isn't selling

There is a large supply of the item and

There is a low supply of the item and the product is selling quickly.

The amount of the supply is high.

19.

An Entrepreneur

owns his/her own company

is a teacher

works at Chick Fil A

is a NASCAR driver

20.

Which of the following is a capital resource?

sewing machine

money

scissors

All of the above

Reset

Economy

Total questions: 20

Worksheet time: 13mins

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