Worksheets11a Economic Concepts Classwork
Total questions: 12
Worksheet time: 6mins
Select the 4 factors of production, or resources
Entrepreneurship
Human
Natural
Monetary
Capital
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?
Supply
Production
Scarcity
Choice
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?
Production
Incentive
Price
Choice
The item shown is what type of resource?
Human
Natural
Entrepreneurship
Capital
What is Curtis' opportunity cost?
Candy
Monster Energy Drink
Shopping time
Nothing
What is the incentive for buying Cracker Jacks?
The delicious taste
Prize inside
Lots of Carmel Corn
Spending money
Production is the act of __________ resources to _________ goods and services.
combining; make
using: use
making; combine
using; sell
What definition best describes consumption?
The amount of goods available for sale
Factors of production used to make goods
Combining resources to make goods and services
The using of goods and services
Things that motivate someone that could change their behavior-
Scarcity
Opportunity Cost
Incentive
Choice
Which statement best describes opportunity cost?
What is given up when a choice is made
Selecting from a list of alternatives
The amount of money something is
A factor of production
In the picture, Ronald is the-
Capital resource
Main resource
Human resource
Opportunity Cost
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.
Staying at school doing work
Rollerskating
Sky Zone
Busch Gardens
