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WorksheetsEconomics Fundamentals 1 Review
Total questions: 23
Worksheet time: 13mins
The fundamental problem of Economics: Unlimited wants, limited resources.
Opportunity Cost
Trade Offs
Scarcity
Marginal Benefit
ALL alternatives given up when making a decision.
Scarcity
Opportunity Cost
Trade Offs
Rational Decision Making
The SECOND best alternative given up when making a decision.
Opportunity Cost
Trade Offs
Scarcity
Rational Decision Making
Marco must choose between buying a Play Station 4 and the Xbox X. He chose the Place Station 4. What is his opportunity cost?
Play Station 4
Xbox X
The Play Station 4 and the Xbox X
There is no opportunity cost
The factors of production (land, labor, capital, and entrepreneurship) are also known as this:
Trade Offs
Environmental Resources
Natural Resources
Productive Resources
What is an example of a NATURAL resource?
Cows, Iron, trees
Hammer, saw, a factory
A business owner
A construction worker
What would be THREE reasons for an entrepreneur to start their business?
Profit
Paying taxes to the government
To work for others
Creating/innovating new products
To create jobs
Receiving the training necessary to perform a job is building what?
Entrepreneurship
Physical Capital
Human Capital
Labor
Students study for their unit one exam because they wish to pass the exam. Getting a good grade is a(n) _______. Where people respond to rewards and punishments in predictable ways.
Incentive
Rational Decision Making
Scarcity
Opportunity Cost
Papa John's hired a new worker. They noticed this worker can make ten extra pizzas for them per hour. The ten extra pizzas is known as:
Specialization
Marginal Cost
Marginal Benefit
Opportunity Cost
The Honda plant divides their workers into specific jobs on their assembly line. The workers do this one task all day. This is an example of what economic principals?
Opportunity Cost and Trade Offs
Rational Decision Making
Division of Labor and Specialization
Positive and Negative Incentives
The Coca Cola factory is considered what factor of production?
Land
Labor
Physical Capital
Human Capital
A new breakthrough in computer technology allows food to be grown faster and more abundantly. This would cause PPC to shift to the________.
Right
Left
No Shift
The relationship of outputs to inputs is known as:
Productivity
Scarcity
Opportunity Cost
Specialization
In order for a company to increase their efficiency, productivity, and overall profits, they should seek to:
Never update their technology
Let their employees train themselves
Invest in new technology, but not train employees
Invest in new technology and education for their workers
Looking at the PPC graph, which letters are efficient? Click ALL that apply.
A
B
C
E
F
Looking at the PPC graph, which letter(s) are inefficient? Click ALL that apply.
A
B
C
E
F
Looking at the PPC graph, which letter(s) are not possible? Click ALL that apply.
A
B
C
E
F
What is the opportunity cost of moving from D to C?
50 Clothes
25 Food
Going to RUSH and willingly paying $15 to jump in their trampoline park demonstrates what economic principal?
Voluntary Exchange
Rational Decision Making
Incentives
Opportunity Cost
What is the opportunity cost of moving from 100 clothes to 150 clothes?
50 Clothes
25 Food
Demarco going to his job at Cook Out is an example of which productive resource?
Land
Labor
Entrepreneurship
Human Capital
Looking at the graph, determine if the following is true or false: The more education you receive, typically the higher your income and therefore your standard of living will be.
True
False
