Free Printable Economics Unit 1

Worksheets

Economics Unit 1

Total questions: 15

Worksheet time: 45mins

Name

Class

Date

__________study of how people (including companies/countries) make choices on buying, selling, using, and distributing goods/services.

Economics

Consumer Science

Opportunity Costs

Opportunity cost is

Whatever you are giving up to do something.

The study of production, employment, prices, and policies on a nationwide scale

The tension caused by infinite wants and finite resources.

A set of external motivators that help people make choices.

The idea that resources are limited; we don't have an unlimited supply of what we want

scarcity

supply

demand

inflation

The four types of economic systems are:

Traditional, Command, Mixed, & Market

Traditional, Command, Combined, & Market

Communism, Capitalism, Free Market, and Macroeconomics

Microeconomics, Macroeconomics, Individual, and Traditional.

What type of economy do most countries in the world have?

Market economy

Command economy

Traditional economy

Mixed economy

What type of economic system allows the government to decide what to produce, how to produce and for whom to produce?

Market

Mixed

Command

Traditional

What type of economic system is based on customs and beliefs?

Market

Mixed

Traditional

command

The government has little to no role in the production of goods in this type of economy.

Traditional

Mixed

Command

Market

In this type of economy, the individual decides who to sell their products to.

Traditional

Mixed

Market

Command

10.

In this type of economy, the government places control on businesses, but the individual decides what to make.

Mixed

Market

Command

Traditional

11.

There are four types of economic systems. Most economies are _____.

Traditional

Command

Market

Mixed

12.

In which economic system is ALL property owned by individuals?

Traditional Economy

Command Economy

Market Economy

Mixed Economy

13.

In which economic system is ALL property owned by the government ("for the good of the country")?

Traditional Economy

Command Economy

Market Economy

Mixed Economy

14.

In which economic system is some property owned by the government and some is owned by individuals?

Traditional Economy

Command Economy

Market Economy

Mixed Economy

15.

In which economic system is property collectively owned by the tribe or community?

Traditional Economy

Command Economy

Market Economy

Mixed Economy

100 %

Economics Unit 1

Total questions: 15

Worksheet time: 45mins

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