WorksheetsFinancial Literacy Review (Instructional Cycle 1)
Total questions: 10
Worksheet time: 5mins
________________ is the study of how people decide what they want and what they are willing to pay or give in order to get it.
Economics
Supply and Demand
Capitalism
Personal Finance
Making a plan for the future about how to manage your finances =
Financial Planning
Economics
Opening a bank account
A credit report
Jolene has a dog sitting business. Does Jolene's business provide a good or service?
Good
Service
Neither
Which economic system has the least government control?
Market
Command
Planned
Mixed
Panic At The Disco is on tour! Tickets have almost sold out. Since supply of tickets is low, what will likely happen to the price?
Decrease
Increase
Remain the same
Tickets will stop selling
What is 'labor' as a factor of production?
The work people do to produce goods
The plan companies make to sell goods
The tangible goods created by labor
The raw materials used to produce goods
Which of the following is a characteristic of a strong economy?
A low unemployment rate
A high unemployment rate
A decreased GDP
A high inflation rate
Imagine that the new chicken sandwiches from Popeye's start getting bad reviews and demand decreases. According to the Law of Demand, what should happen to the price of the sandwiches?
Increase
Decrease
Remain the same
The surfboard market is especially strong in our coastal states. How would we categorize that market?
By commodity
By price
By location
By consumer
When people want more of something than is available, we experience _____________ .
a surplus
scarcity
economics
