WorksheetsEconomics Today
Total questions: 20
Worksheet time: 10mins
The type of economic system where the government has some say in how businesses produce for consumers, but it's mostly up to the producers.
traditional
market
mixed
command
If Red Hen had been a professional baker, the use of her oven to make bread would be called a
natural resource
human resource
executive resource
capital resource
Chipotle has an app you can download to earn loyalty points for every purchase. In economics, what do you call this?
positive incentive
negative incentive
productive resource
positive resource
Goods and _________________ are a major part of economics.
products
services
regulation
demand
Another word for a business person is
investor
consumer
producer
lender
The United States has what type of economic system?
traditional
market
mixed
command
The value of something you give up when you choose one thing over another thing
trade-in
opportunity cost
productive resource
supply and demand
What risk did David Jacobs eliminate by starting the Spyder business out of his kitchen?
investing too much money in the business before knowing if he'd be successful
selling his business to Hanson Industries
offering gear to Olympic skiers so his product gained popularity
selling the patent to his revolutionary ski pants to another company when he didn't have much money
Why is it important for people who make an income from careers paid out of state budgets that local business people are successful?
sales tax on business purchases adds to the state revenue
business owners who are wealthy are able to donate to the state
politicians are re-elected when businesses do well
a business bankruptcy does not add to the state's costs
A market economy is run by ______________________.
a central leader
government acts
private enterprise
labor unions
One disadvantage of a traditional economy is
Requires a large bureaucracy
Citizens is not fair to all people
People can stop innovating due to government oversight
When harvest or hunting is poor, people starve
One advantage of a market economy is
Not as destructive to the environment
Cheap public services offered to everyone
Government makes sure the economy is improving
Products are produced in the most efficient way possible
One disadvantage of a mixed economy is
government can become large and too powerful
human resources are not optimized
struggles to meet small changes in society
vulnerable to changes in nature
A disadvantage of a traditional economy is
Vulnerable to other economies taking them over
Citizens lose motivation and innovation due to excess regulation
Society reflects the values of the powerful
It is an obsolete way of running a country
How does a traditional economy decide "what to produce"?
The government decides.
Businesses and consumers decide.
Producers compete for consumer choice.
Only produce what they need to survive. No surplus or leftovers.
In a market economy, those who want to be wealthy _____________________ the economy.
have no effect on
help
hurt
are in charge of
People in a market economy choose how they will earn their living.
True
False
The prices of goods in a market economy are a result of supply and ______________________.
risk
opportunity cost
consumption
demand
In a command economy, the government controls goods and services.
true
false
Goods that are received from another country are
foreign
imports
exports
revenue
