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WorksheetsEconomics Review 1
Total questions: 10
Worksheet time: 5mins
The quantity of a product or service consumers are willing and able to buy.
Supply
Scarcity
Demand
Surplus
The item given up in order to gain something else.
Supply
Trade-Off
Opportunity Cost
Demand
Limited resources to fulfill unlimited needs and wants.
Supply
Scarcity
Demand
Trade-Off
A system in which economic decisions are based on a society's values, culture and customs.
Traditional Economy
Market Economy
Mixed Economy
Command Economy
Amount of goods and services producers are willing and able to provide.
Supply
Demand
Surplus
Shortage
A system in which a central authority controls economic activities.
Traditional Economy
Market Economy
Mixed Economy
Command Economy
Individuals or businesses who provide goods and services to meet demand.
Consumers
Producers
A combo of the market & command systems where the government regulates the process and supply of goods and services
Mixed Economy
Traditional Economy
The value of the best options or alternatives given up.
Trade-Off
Opportunity Cost
Supply
Surplus
A system in which privately owned businesses compete for profits with limited government regulations.
Traditional Economy
Market Economy
Mixed Economy
Command Economy
