WorksheetsEconomics
Total questions: 10
Worksheet time: 5mins
Something we desire but that is not necessary for survival
Want
Need
Good
Service
Something essential for survival
Want
Need
Good
Service
What do economists mean by the term "scarcity"?
Having too few or too little of resources
Having too many resources
Having just enough resources
Having the correct amount of resources
Which choice best describes the economic problem of scarcity in the world?
People have limited wants there is an unlimited amount of resources.
People have unlimited wants but there is a limited amount of resources
People have no wants so resources don't matter
Who is affected by the condition of scarcity?
The rich
Large economies
All societies
Producers (ie: businesses)
Why do all societies have to make decisions about how resources will be used?
People are greedy
There are not enough resources for those who want them
Resources are too expensive for most people
Because there is a huge gap between the rich and poor
SELECT ALL THAT APPLY: Which one of these is an example of a scarce resource?
Time
Money
Food
Oil
Economics is the study of how people seek to satisfy their needs and wants by making choices
True
False
Scarcity forces us to make economic decisions
True
False
