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WorksheetsIntro to economics
Total questions: 20
Worksheet time: 11mins
Name
Class
Date
1.
Which of the following is NOT a natural resource?
a)
Oil
b)
Water
c)
Car
d)
Air
2.
The making, buying and selling of goods and services
a)
economics
b)
inflation
c)
market
d)
barter
3.
Individuals who come up with a new idea for a good or service, then they make it a reality
a)
resource
b)
human resources
c)
consumer
d)
entrepreneur
4.
Something we use from nature
a)
natural resource
b)
human resource
c)
capital resource
d)
entrepreneur
5.
How much people want something
a)
supply
b)
demand
6.
What does scarcity mean?
Example: Over-fishing can result in a scarcity of a type of fish.
a)
too many resources
b)
not enough resources
c)
an unknown amount of resources
7.
Economics is the study of economies, or, how people in a society get...
a)
trade goods
b)
products and services
c)
work and income (money)
d)
mediums of exchange
8.
Capital refers to...
a)
The "gifts of nature" or natural resources not created by human effort.
b)
people with all their efforts and abilities
c)
the tools, equipment, and factories used in production of goods and services
d)
individuals who start a new business or bring a product to market.
9.
A herd of cattle is an example of ...
a)
Land
b)
Labor
c)
Entrepreneur
d)
Capital
10.
Forests are examples of...
a)
Land
b)
Labor
c)
Entrepreneurs
d)
Capital
11.
A bulldozer is an example of...
a)
Land
b)
Labor
c)
Entrepreneurs
d)
Capital
12.
Your garbage man is an example of
a)
Land
b)
Labor
c)
Entrepreneurs
d)
Capital
13.
A steel factory is an example of
a)
Land
b)
Labor
c)
Entrepreneurs
d)
Capital
14.
What resource is this?
a)
natural resource
b)
human resource
c)
capital resource
15.
What is this resource?
a)
human resource
b)
capital resource
c)
natural resource
d)
human and capital resource
16.
The term "factors of production" means:
a)
things or skills needed to produce goods or services
b)
how we spend our money
c)
the resources of the government
d)
how society creates jobs
17.
The term, "capital goods" means:
a)
Goods not created for their own use, but to make other goods/services.
b)
Work the people do to produce goods and services.
c)
Person who organizes the factors of production to produce goods/services; business owners.
d)
The natural resources used to produce goods or services.
18.
The term, "labor" means:
a)
Work the people do to produce goods and services.
b)
The natural resources used to produce goods or services.
c)
Person who organizes the factors of production to produce goods/services; business owners.
d)
Goods not created for their own use, but to make other goods/services.
19.
What is a risk an entrepreneur takes in running a business?
a)
Losing the money invested in starting the business
b)
Going bankrupt [losing everything]
c)
Not having a steady job/paycheck
d)
All of these are risks!
20.
Here are the monthly expenses for Company Z:
Labor $30,000
Land $40,000
Capital $20,000
Entrepreneurship $10,000
How much does Company Z pay per month for these expenses all together?
Labor $30,000
Land $40,000
Capital $20,000
Entrepreneurship $10,000
How much does Company Z pay per month for these expenses all together?
a)
$100,000
b)
$90,000
c)
$30,000
d)
$1,000,000
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