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WorksheetsEconomics Review (part 1)
Total questions: 27
Worksheet time: 14mins
the quantities of a good or service that producers are willing and able to sell
import
supply
demand
The quantities of a good or service that consumers are willing and able to buy
export
supply
demand
the price at which the quantity supplied and the quantity demanded are equal
production
supply
demand
market price
Which is NOT an event that will impact supply, demand and market price?
new product information
extreme bad weather or a natural disaster
change in consumer preference
new information about the health benefits or disadvantages of a product
ignoring basic traffic laws
How does the following situation impact supply, demand and price: Bad weather destroys the peach crop in Georgia
supply of peaches goes up and price goes down
demand for peaches goes up and price goes down
supply of peaches goes down and price goes up
Egg production goes up as farmers enlarge the size of chicken farms
supply of eggs goes down and price goes up
supply of eggs goes up and price goes down
the demand for eggs goes up and price goes up
A disease kills millions of cattle (cows) across the United States, what happens to the price of hamburgers?
since the supply of beef goes down, the price will go up
since the supply of beef goes up, the price will go down
since the supply of beef stays the same, the price will stay the same
New advertising campaigns show that hand sanitizer does not really work
the supply of hand sanatizer goes down and the price goes down
the demand for hand sanatizer goes up and the price goes up
the demand for hand sanatizer goes down and the price goes down
A new study shows that eating potatoes helps brain function
the supply of potatoes will go up and so will the price
the supply of potatoes will go down and the price will stay the same
the demand for potatoes will go down and the price will go up
the demand for potatoes will go up and the price will go up
Productive resources are
the resources found underground
production at its best
the resources used to make a good or a service
air, soil, minerals, animals, trees are examples of
natural resources
capital resources
human resources
chef, teacher, plumber, doctor, bank teller, truck driver, machinery operator, sales clerk, lawyer, technician, are examples of
natural resources
capital resources
human resources
machinery, truck, hammer, sewing machine, oven, factory, store, mixer, saw, grinder, computer are examples of
natural resources
capital resources
human resources
What is interdependence?
A replacement, another resource that can replace the same want
when people or regions rely on other areas or countries to get the resources they need to make a good or service
when a country is at peace
why are companies that produce pencils interdependent
because they live in peaceful countries
because they have everything they need in their own country
because they depend on other countries to get some of the resources needed to make a pencil
What is a substitute?
A replacement, another resource that can replace the same want
when people or regions rely on other areas or countries to get the resources they need to make a good or service
the part of the product that is missing
Why might a company use a "substitute" for part of a product, for example a painted ceramic coffee cup
the substitue paint is cheaper than the origianl paint
research has shown that theoriginal paint is poisonous
the new paint works better, it is brighter and dries more quickly
all of the above
Scarcity is when
something is frightening
there is too much of something
there is not enough of something
What do you think is most scarce now
toilet paper
hand sanatizer
face masks
things to do
Check the two fundamental problems of scarcity
people have unlimited wants
there are limited resources
there are not enough people
there are too many resources
check the boxes: because of the problem of scarcity, society must answer these three economic questions
how many hours should workers work?
what to make?
how to make it?
who to make it for or who to "target" ?
In this type of economy the economic questions are answered by the people through the interaction of consumers and producers:
command economy
market economy
traditional economy
In this type of economic system the economic questions are answered by the ruler:
command economy
market economy
traditional economy
In this type of economy the fundamental economic questions are answered by following custom and tradition:
command economy
market economy
traditional economy
this picture could show which type of economy
command economy
market economy
traditional economy
This picture could show which type of economy
command economy
market economy
traditional economy
This picture could show an example af what type of economy?
command economy
market economy
traditional economy
