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economics basics Lecture 1

Total questions: 100

Worksheet time: 59mins

Name
Class
Date
1.

Which of these explains a want, not a need?

a)

Shelter: If you don't have this you could possibly die in cold weather

b)

Chocolate: People like to eat this as a sweet treat, some may think it's delicious.

c)

Protein: This is important for having good health. It provides valuable nutrients.

d)

Clothes: You wear these to stay warm and out of jail.

2.

The definition of a need is: Something that is essential for life and ________ to __________.

a)

necessary, survive

b)

essential, life

c)

necessary, essential

d)

essential, survive

3.

A want is: Something that makes life more happy and _________ but not _________ to survive.

a)

necessary, comfortable

b)

essential, necessary

c)

happy, comfortable

d)

comfortable, necessary

4.

Which one of these items is a want and why?

a)

hand soap: you want clean hands

b)

carrots: you want nutrients in your diet

c)

cake: you want a dessert every now and then

d)

apartment: you want a place to live

5.

Which one of these items is a need and why?

a)

DVD's: to entertain you when you get bored

b)

a pool: to keep you cool and so you can relax

c)

a million dollars: so you can be rich and possibly famous

d)

a doctor: to provide medical help when needed

6.
a)
Need
b)
Want
7.
a)
Need
b)
Want
8.
a)
Need
b)
Want
9.
a)
Need
b)
Want
10.
a)
Need
b)
Want
11.

Which is a need?

a)

Pop

b)

Coffee

c)

Water

d)

Gatorade

12.

Which is a want?

a)

A place to live (shelter)

b)

Oxygen

c)

Car

d)

Food

13.

Are headphones a need or want?

a)

Need

b)

Want

14.

Is family a need or want?

a)

Need

b)

Want

15.

Is a television a need or want?

a)

Need

b)

Want

16.

Is a computer a need or want?

a)

Need

b)

Want

c)

Depends on your individual situation

17.

A want is something we would like to have but could easily live without it.

a)

True

b)

False

18.

A need is something we can't live without.

a)

True

b)

False

19.

Is this type of shelter a need or want?

a)

Need

b)

Want

20.

Which items should you pay for before buying any of your wants?

a)

Rent

b)

Utilities

c)

Groceries

d)

All of the above

21.

Which is a need?

a)

iPhone

b)

Medication

c)

Backpack

d)

Sunglasses

22.

Is a car a need or a want?

a)

Need

b)

Want

c)

Depends on your individual situation

23.

Is a job a need or a want?

a)

Need

b)

Want

24.

Which of the following is NOT a need?

a)

Snacks

b)

Cleaning Supplies

c)

Toiletries

d)

Towels

25.

Is this brand of clothing a need or want?

a)

Need

b)

Want

26.

It's okay to purchase some of your wants if all of your needs are taken care of.

a)

True

b)

False

27.

Elizabeth has a $25 budget to spend at the store. Which items should she buy first before she buys anything else?

a)

soda, bottled water, grapes

b)

bread, candy, chips

c)

milk, ice cream, pasta

d)

eggs, oranges, soup

28.

Which of the following reasons best describe why you NEED a new book?

a)

There's a movie version of the book coming out.

b)

Your friend told you that you should read the book.

c)

Your English teacher is requiring you to read the book.

d)

Many people at school have recommended it.

29.

It's recommended that you spend your money on ________ last.

a)

needs

b)

wants

c)

debt

d)

budget

30.

Which of the following best describes a WANT for school supplies?

a)

new pencils

b)

new notebooks

c)

new markers

31.

If you asked for a new bike, which of the following reasons would you tell your parents that it's a NEED?

a)

You need it so you can go to your friends house whenever you want.

b)

You need it because your friend just got a new bike and you want to be like them.

c)

You need it so you can get fresh air and exercise during the summer.

d)

You need it because the one that you have now isn't as nice looking anymore.

32.

What might be some good reasons that a computer is a need and not a want? (Pick 2)

a)

To check Facebook

b)

To do work for a job

c)

To do homework

d)

To play games on the internet

e)

To watch Netflix

33.

Physical objects that someone produces

a)

Want

b)

Need

c)

Good

d)

Service

34.

An action or activity that one person performs for another

a)

Want

b)

Need

c)

Good

d)

Service

35.

SELECT ALL THAT APPLY: Which one of these is an example of a scarce resource?

a)

Time

b)

Money

c)

Food

d)

Oil

36.

SELECT ALL THAT APPLY: "Orange is the New Black" is the most popular show on Netflix, according to viewer surveys. Netflix is an example of a: _______ & _______.

a)

Good

b)

Service

c)

Want

d)

Need

37.

SELECT ALL THAT APPLY: Over 490 million tons of rice were consumed worldwide in 2018-19. Rice is an example of a _______ & ________.

a)

Good

b)

Service

c)

Want

d)

Need

38.

The fact that there are limited amounts of goods and services to meet unlimited wants is called:

a)

Scarcity

b)

Shortage

c)

Surplus

d)

Economics

39.

Economics is the study of how people seek to satisfy their needs and wants by making choices

a)

True

b)

False

40.

Scarcity forces us to make economic decisions

a)

True

b)

False

41.
Read the following two statements:
***People want more things than they have money to buy.
***The goods and services a society can produce at any one time are limited.
What problem results from these two conditions? 
a)
Imbalance of Power 
b)
Scarcity
c)
Excessive Wealth
d)
Opportunity Cost
42.

True/False: Human wants will always exceed available resources.

a)

TRUE

b)

FALSE

43.

When "wants are greater than the resources available to satisfy them," it is called...

a)

Scarcity

b)

Needs

c)

Opportunity Cost

d)

None of these answers

44.

Because of scarcity, people are forced to make _________ about how to use resources.

a)

Choices

b)

Opportunities

c)

Houses

d)

Desires

45.

When you make a choice, you often have to give up other options...those things are called the...

a)

Opportunity Cost

b)

Missed Opportunities

c)

Misused Resources

d)

Scarce Options

46.
What is opportunity cost?
a)
your choice
b)
what you give up to make a choice
47.
What is scarcity? 
a)
Having too many resources 
b)
Not  having enough resources 
48.

Which one of the following is an opportunity cost?

a)

You stay out late and your parents ground you.

b)

You run a red light and you get a ticket.

c)

You choose to give up math to study for history.

d)

In a softball game, you miss the ball and strike out.

49.

In economics a decision is free if:

a)

There is no money involved.

b)

There are no products involved.

c)

There is no exchange with another person.

d)

A decision is never free. There is usually an alternative which results in an opportunity cost. Not free.

50.
What is the most basic problem of economics?
a)
Scarcity
b)
Allocation
c)
Productivity
d)
Specialization
51.
What is it called when you choose between two possible uses for a resource, giving up one alternative for another?
a)
Trade Offs
b)
Real Costs
c)
Building materials
d)
Trading spaces
52.
A popular bakery has only a few ingredients left to make their products.  They could bake muffins or cookies, but they can’t make both.  The bakers decide to make cookies for their customers.  What is the opportunity cost of their decision?
a)
muffins 
b)
cookies 
53.
Joe was shopping for a truck. He has looked at similarly priced Ford, Chevrolet, Toyota, and
Ram models. After a lot of thought, he narrowed it down to either the Ford or the Chevrolet.
He selected the Ford because he liked the interior a little better. What was his opportunity
cost?
a)
Ford
b)
Chevrolet
c)
Toyota
d)
Ram
54.
Trade-offs create this. It is the thing that you DO NOT chose. It is what you have to give up in order to get something else. It is your 2nd BEST ALTERNATIVE. 
a)
Trade-offs
b)
Opportunity Cost
c)
Scarcity
d)
Production Possibilities Curve
55.
Opportunity Cost is best defined as
a)
the value of the next best alternative that is given up due to the choice you made 
b)
The price you pay to purchase something 
c)
The benefit you gain by making a decision 
d)
The amount of debt you take on by making a decision 
56.
What is the production possibilities curve?
a)
a graph that shows how much an economy can produce between 2 goods
b)
how much money something is
c)
the opportunity one has to give up in order to gain something else
d)
land, labor, capital, entrepreneurs
57.
SSEF1(d) The opportunity cost of shifting production from "Point E" to "Point C" would be:
a)
30 cans of cola
b)
30 chocolate bars
c)
70 cans of soda
d)
20 chocolate bars
58.
What is this resource?
a)
capital resource
b)
human resource
c)
natural resource
59.
What is this resource?
a)
natural resource
b)
capital resource
c)
human resource
60.
What resource is this?
a)
capital resource
b)
natural resource
c)
human resource
61.
What is this resource?
a)
human resource
b)
capital resource
c)
natural resource
d)
human and capital resource
62.
What resource is this a picture of?
a)
natural resource
b)
capital resource
c)
human resource
63.
What kind of resource is this?
a)
natural and capital resource
b)
natural resource
c)
capital resource
d)
human resource
64.
What resource is this?
a)
human resource
b)
capital resource
c)
natural resource
65.
What resource is this?
a)
human and capital resource
b)
human resource
c)
capital resource
d)
natural resource
66.

Land includes...

a)

The "gifts of nature" or natural resources not created by human effort.

b)

the tools, equipment, and factories used in production of goods and services

c)

people with all their efforts and abilities

d)

individuals who start a new business or bring a product to market.

67.

Capital refers to...

a)

The "gifts of nature" or natural resources not created by human effort.

b)

people with all their efforts and abilities

c)

the tools, equipment, and factories used in production of goods and services

d)

individuals who start a new business or bring a product to market.

68.

Labor refers to...

a)

people with all their efforts and abilities

b)

individuals who start a new business or bring a product to market.

c)

the tools, equipment, and factories used in production of goods and services.

d)

The "gifts of nature" or natural resources not created by human effort.

69.

Entrepreneurs are...

a)

people with all their efforts and abilities

b)

individuals who start a new business or bring a product to market.

c)

The "gifts of nature" or natural resources not created by human effort.

d)

the tools, equipment, and factories used in production of goods and services

70.
A herd of cattle is an example of ...
a)
Land
b)
Labor
c)
Entrepreneur
d)
Capital
71.
Forests are examples of...
a)
Land
b)
Labor
c)
Entrepreneurs
d)
Capital
72.
A bulldozer is an example of...
a)
Land
b)
Labor
c)
Entrepreneurs
d)
Capital
73.
Your garbage man is an example of
a)
Land
b)
Labor
c)
Entrepreneurs
d)
Capital
74.
Your Mail lady is an example of...
a)
Land
b)
Labor
c)
Entrepreneurs
d)
Capital
75.
A steel factory is an example of
a)
Land
b)
Labor
c)
Entrepreneurs
d)
Capital
76.

Bill Gates is an example of...

a)

Land (seriously though, come on)

b)

Labor

c)

An Entrepreneurs

d)

Capital

77.
Cashiers at McDonalds are examples of ….
a)
Land
b)
Labor
c)
Entrepreneurs
d)
Capital
78.
The term "factors of production" means:
a)
things or skills needed to produce goods or services
b)
how we spend our money
c)
the resources of the government
d)
how society creates jobs
79.
The creation of any kind of good or service is known as:
a)
Input
b)
Resources
c)
Production
d)
Entrepreneurship
80.
All of the things necessary for production are known as:
a)
Production
b)
Entrepreneurship
c)
Outputs
d)
Resources
81.
The human effort involved in the production of goods and services is known as:
a)
Capital
b)
Entrepreneurship
c)
Labor
d)
Land
82.
The enterprising spirit that allows an individual to spot gaps in the market and take risks (including starting a business):
a)
Entrepreneurship
b)
Capital
c)
Land
d)
Labor
83.
Anything within the production process, whether human or technological, that makes production more efficient
a)
Entrepreneurship
b)
Capital
c)
Land
d)
Labor
84.
Any technology/machinery involved in the production process:
a)
Human Capital
b)
Physical Capital
c)
Investment Capital
d)
Enterprise Capital
85.
Money used to re-invest in a firm and further its business objectives
a)
Human Capital
b)
Physical Capital
c)
Investment Capital
d)
Enterprise Capital
86.
An individual's knowledge or skills that make production of a good/service more efficient
a)
Human Capital
b)
Physical Capital
c)
Investment Capital
d)
Enterprise Capital
87.
In a competitive economy, which firms will have the most access to the factors of production (productive resources)?
a)
The firms that are most successful in meeting consumer demand
b)
The firms that are least successful in meeting consumer demand
c)
The firms that have the most production experience
d)
The firms that offer the greatest variety of goods/services
88.

WHAT ARE THE 4 FACTORS OF PRODUCTION?

a)

Land, Capital, Need & Want

b)

Land, Labor, Capital, Entrepreneurs

c)

Water, Air, Food & Shelter

d)

Land, Capital, Good & Service

89.

Which of the factors of production is this?

a)

capital

b)

entrepreneur

c)

land

d)

labor

90.

Which one of the factors of production is this?

a)

capital

b)

entrepreneur

c)

land

d)

labor

91.

Steve Jobs the founder of Apple is holding up an I-phone. What is another name for someone who starts a business?

a)

capital

b)

entrepreneur

c)

land

d)

labor

92.

Which factor of production is this?

a)

capital

b)

entrepreneur

c)

land

d)

labor

93.

This factor involves money, equipment, and tools and any items to produce goods and services?

a)

capital

b)

entrepreneur

c)

land

d)

labor

94.
Any technology/machinery involved in the production process:
a)
Human Capital
b)
Physical Capital
c)
Investment Capital
d)
Enterprise Capital
95.
An individual's knowledge or skills that make production of a good/service more efficient
a)
Human Capital
b)
Physical Capital
c)
Investment Capital
d)
Enterprise Capital
96.

Iron Ore

a)

Land

b)

Labor

c)

Physical capital

d)

Human capital

e)

Entrepreneuership

97.

Machinery

a)

Land

b)

Labor

c)

Physical capital

d)

Human capital

e)

Entrepreneurship

98.

Creativity

a)

Land

b)

Labor

c)

Physical capital

d)

Human capital

e)

Entrepreneurship

99.
Each society must determine how to best use its_______
a)
People
b)
Land
c)
Natural Resources
d)
All of the above
100.
What are the three economic questions?
a)
What to produce? How to produce? For whom to produce?
b)
Who to produce? Why you produce? Like to produce?
c)
Why to produce? Tell who to produce? Things to produce?

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