WorksheetsEconomics Test Practice
Total questions: 26
Worksheet time: 13mins
Tangible or Physical things that people produce to satisfy people's wants or needs.
services
goods
producers
consumers
human resources
Work done or duty performed for another or others.
goods
producers
services
consumers
suppy
People who make or design products or goods and services.
consumers
producers
demand
profit
services
People who use or purchase goods and services.
consumers
producers
suppy
demand
human resources
Man-made physical resources
producer
natural resources
human resources
capital resources
People who work to make goods.
human resources
capital resources
scarcity
barter
Not enough goods compared to the demand
broke
barter
scaricity
abundant
The single best alternative NOT chosen.
opportunity cost
basic cost
profit cost
barter cost
The quantity or amount of a good or service that are available.
demand
supply
wage
interest
The quantity or amount of a good or service that is wanted.
supply
demand
To trade not using money.
switch
swap
barter
profit
Studying for a test and making a grade of an A, but you can't go play with your friends. Is an example of what?
barter
demand
opportunity cost
consumer
When the supply is greater than the demand of a good, the price ______________.
goes up
goes down
stays the same
When demand is greater than the supply of a good, prices _______________.
go up
go down
stay the same
Which economy is this: Prices are determined by consumers
Traditional
Market
Command
Which economy is this: People barter for goods
Market
Command
Traditional
Which economy is this: The government decides what is produced and how much?
Command
Traditional
Market
What is an incentive?
Something that forces people to do things
Something that influences behavior for positive reasons
Something that influences behavior for positive or negative reasons
Something people can choose to do
What is this company trying to do in this scenario: Your teacher makes a statement saying "students who bring in tissues will receive candy."
Offering a negative incentive to increase the amount of issues
Offering a positive incentive to increase the amount of tissues
Offering a negative incentive to speed up the delivery of tissues
Offering a positive incentive to speed up the delivery of tissues
What is the teacher trying to do: She makes a statement saying "students who do not turn in their study guides will receive a lunch detention."
Offering a positive incentive to get students to complete their work in class
Offering a negative incentive to get students to complete their work in class
Offering a positive incentive to get students to turn in work
Offering a negative incentive to get students to turn in work
What is a positive incentive of a Command economy?
Everything is provided for the people
Competition makes items better
The government controls everything made - no creativity
There is no money so everyone has equal wealth
What is a negative incentive of a command economy?
The government chooses everything you can do
Products can all be different
There is no money system
The government makes sure everything is provided for people
What is a positive incentive of a Market economy?
Lots of creativity to choose
The government takes care of people in the economy
There is a large gap between the rich and poor
What is a negative incentive of a market economy?
The government controls everything
Large gap between rich and poor
The people have competition to make things better
What is a positive incentive of a traditional economy?
People follow family traditions
There is no choice
People cannot use money
What is a negative incentive of a traditional economy?
People follow tradtions
People have many options
There is no opportunity for growth
