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WorksheetsEconomics Review
Total questions: 16
Worksheet time: 8mins
The system in which goods and services are bought and sold is called
scarcity.
a market
economy
competition
Why is this called a market?
It is outdoors.
It has a lot of fruit.
It is interesting to visit.
It brings buyers and sellers together.
Which of the following people is earning money by providing a service?
Anthony grows fruit to sell.
Laura sews stuffed animals.
Carl sells lemonade he makes.
Marie teaches a third grade class.
Which of the following will increase the profit at a lemonade stand?
using cheaper lemons
using more ingredients
selling during cold weather
giving glasses away for free
If consumers can't get what they need, this creates...?
scarcity
interest
supply
goods
What is my best option when looking to buy tomatoes?
high price and fresh tomatoes
low price and fresh tomatoes
low price and small/bruised tomatoes
high prices, but small tomatoes
If you save money, you are
setting it aside for later.
using it on things you want now.
inventing new machines.
buying expensive toys.
Money that you put in a savings account
can be stolen.
earns interest.
is gone forever.
is put in a piggy bank.
Which of the following is a way that a business can use its money wisely?
It can use more expensive resources.
It can buy machines to make goods.
It can decide not to fix things that are broken.
all of the above
At Christmas the seller sets the price high for the latest unicorn toy because there are many buyers. This is apart of the concept of...
supply and demand
profit and incentive
invest and spend
budget and donate
What is a budget?
a plan for how to use money
a place where you can save money
a list of goods you need to buy
a type of work that earns you money
People can donate some of the money they earn. Donating is
throwing a party for your friends.
giving money to someone in need.
buying something expensive for yourself.
saving your money by putting it in the bank.
Peter saved money in a bank. The money he saved earned ( interest / invest )
interest
invest
A business wisely chooses to fix a broken machine. This is an example of...
interest
invest
A business buys inventions that will help them compete with other companies. This is an example of...
interest
invest
Jamie put $20 in her savings account, but now she has $21. This is because of ( interest / investing ).
interest
investing
