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11a Economic Concepts Classwork

Total questions: 12

Worksheet time: 6mins

Name
Class
Date
1.

Select the 4 factors of production, or resources

a)

Entrepreneurship

b)

Human

c)

Natural

d)

Monetary

e)

Capital

2.

All of the 8th grade teachers want a donut that Ms. O brought, but Mrs. Griffin won't get one. What concept best supports this statement?

a)

Supply

b)

Production

c)

Scarcity

d)

Choice

3.

Ms. O could pick from M&Ms, Skittles, or Laffy Taffy. She can't have everything, so she selected the M&Ms.


What concept best describes this scenario?

a)

Production

b)

Incentive

c)

Price

d)

Choice

4.

The item shown is what type of resource?

a)

Human

b)

Natural

c)

Entrepreneurship

d)

Capital

5.

What is Curtis' opportunity cost?

a)

Candy

b)

Monster Energy Drink

c)

Shopping time

d)

Nothing

6.

What is the incentive for buying Cracker Jacks?

a)

The delicious taste

b)

Prize inside

c)

Lots of Carmel Corn

d)

Spending money

7.

Production is the act of __________ resources to _________ goods and services.

a)

combining; make

b)

using: use

c)

making; combine

d)

using; sell

8.

What definition best describes consumption?

a)

The amount of goods available for sale

b)

Factors of production used to make goods

c)

Combining resources to make goods and services

d)

The using of goods and services

9.

Things that motivate someone that could change their behavior-

a)

Scarcity

b)

Opportunity Cost

c)

Incentive

d)

Choice

10.

Which statement best describes opportunity cost?

a)

What is given up when a choice is made

b)

Selecting from a list of alternatives

c)

The amount of money something is

d)

A factor of production

11.

In the picture, Ronald is the-

a)

Capital resource

b)

Main resource

c)

Human resource

d)

Opportunity Cost

12.

8th grade has to decide on a field trip to Busch Gardens, Rollerskating, or Sky Zone. They vote to go to Sky Zone. Identify the opportunity costs.

a)

Staying at school doing work

b)

Rollerskating

c)

Sky Zone

d)

Busch Gardens