WorksheetsKey Economic Terms
Total questions: 17
Worksheet time: 9mins
Cost is
what is given up
the demand for a good / service
the want for a good / service
the result of an action / choice
Which of the following is NOT an example of "cost"?
effort
time
results
money
Things don't have costs ______ do.
people
places
choices
thoughts
T/F: One cost of watching a movie is time.
True
False
_____ consequences are results that were not expected.
unbiased
unfair
unintended
unrealistic
Another world for "consequence" is _______
cost
market
property
result
T/F: A consequence can be positive.
True
False
Supply is the _____ of a good or service.
amount
want
result
cost
Demand is the ____ of a good or service
want
cost
result
amount
How things are distributed (given out) is called:
consequence
resource allocation
tragedy of the commons
market
T/F: Resource Allocation is always fair.
True
False
Property rights are ...
unintended
automatic
clearly defined
not useful
An interaction of buyers and sellers is also called a ...
market
benefit
resource
cost
Which key economic term best describes the situation below: Fifteen people are stuck in a room together for 10 days. On day 10, Alice finds a Snickers bar and has to figure out what to do her new item. She decides to keep ½ for herself and split the other ½ between the other 14 people.
consequence
property rights
resource allocation
market
Mary is training for a marathon and ends up injuring her ankle. In economic terms, this injury is considered a
market
consequence
demand
cost
Silvie decided to wear her brand new shoes to school today. What was a cost of that decision?
getting a blister
people complimenting her
wearing flip-flops
her feet got cold in math class
My parents are selling their house. Which key economic term is this is an example of?
consequence
cost
property rights
resource allocation
