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WorksheetsEconomics Pre-test
Total questions: 10
Worksheet time: 6mins
A 'need' is defined as:
something which we desire, but is not necessary for our survival
something you want to buy
something that is required for our survival
something you want to sell
A 'want' is defined as:
something which we desire, but is not necessary for our survival
something that we need to buy
is something that is required for our survival.
something that we need to sell
Tick the following options which represent a 'need'
Water
Playstation 4
Food
Shelter
Television
The term 'scarcity' in economics refers to:
Having everything you need and want
Having an unlimited amount of resources (money)
Having too many resources in your home
Having unlimited needs and wants but only limited resources (money) to meet them
People who purchase goods in order to satisfy their wants and needs are known as (a) (starts with the letter C):
Opportunity cost represents:
the gain from other alternatives when one alternative is chosen
the loss from other alternatives when one alternative is chosen
the feeling of regret when you miss an opportunity
the feeling of shame when you miss an opportunity
Natural resources refer to:
Raw materials supplied from the Earth, sea or air
Human skills, both physical and mental used to produce goods
Human made objects which help in producing other products
Currency
Labour resources refer to:
Human made objects which help in producing other products
Currency
Raw materials supplied from the Earth, sea or air
Human skills, both physical and mental used to produce goods
In economics, 'demand' refers to:
When someone asks for something to be done immediately
The amount of a good or service which consumers desire
The amount of a good or service available to consumers
Requesting for a task to be completed in a timely manner
In economics, 'supply' refers to:
Requesting for a task to be completed in a timely manner
When someone asks for something to be done immediately
The amount of a good or service which consumers desire
The amount of a good or service available to consumers
