WorksheetsEconomics - Scarcity
Total questions: 20
Worksheet time: 16mins
Name
Class
Date
1.
The definition of Scarcity is...
a)
An unlimited amount of resources to meet limited wants and needs
b)
A limited amount of resources to meet unlimited wants and needs.
c)
When people use time and energy to create events
d)
a city where individuals commit themselves to unlimited wants and needs
2.
Which of these is NOT an example of a need?
a)
Water
b)
Food
c)
watch
d)
Shelter
3.
What is a need?
a)
Nothing
b)
Something you have to have to live
c)
Something you would like to have
d)
Ice cream
4.
Economics is the study of how people seek to satisfy their needs and wants by making choices.
a)
True
b)
False
5.
Which of the following in an example of LAND.
a)
Coal
b)
Office Building
6.
House: Goods or Service?
a)
Goods
b)
Service
7.
According to an economist, which of the following would be considered "scarce"?
a)
A teacher
b)
A worker at McDonalds
c)
An Astronaut
d)
A youth baseball coach
8.
What is the fundamental problem of economics?
a)
How to keep consumers out of debt?
b)
How to fulfill our unlimited wants and needs with limited resources?
c)
How to figure out the way to make the most money?
d)
How do we ensure all people get a college education?
9.
things purchased by consumers
a)
goods
b)
consumer
c)
producer
d)
supply
10.
A person who provides a good or service
a)
producer
b)
need
c)
want
d)
consumer
11.
A person who purchases a good or service
a)
consumer
b)
taxes
c)
supply
d)
good
12.
Basic things humans need to survive
a)
need
b)
want
c)
import
d)
demand
13.
goods naturally found on the earth
a)
natural resources
b)
supply
c)
demand
d)
services
14.
not having enough
a)
scarcity
b)
supply
c)
human resouce
d)
taxes
15.
Which of the following is not a good?
a)
Clothes
b)
Food
c)
Dog Walker
d)
Toys
16.
A _____________ is a person who starts a business.
a)
Teacher
b)
Entrepreneur
c)
Actor
d)
Student
17.
A shortage of a resource is considered...
a)
Scarcity
b)
Surplus
c)
Profits
d)
Income
18.
The resources required to make a product (good or service)
a)
economics
b)
consumption
c)
four factors of production
d)
scarcity
19.
Something we pay for that we can touch
a)
goods
b)
services
20.
The idea that resources are limited; we don't have an unlimited supply of what we want
a)
scarcity
b)
supply
c)
demand
d)
inflation
100 %
