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Economic Basics Test Review

Total questions: 39

Worksheet time: 24mins

Name
Class
Date
1.
A person who buys goods and services
a)
consumer
b)
entrepreneur
c)
resource
d)
currency
2.
The using up of a resource
a)
scarcity
b)
supply
c)
services
d)
consumption
3.
The making, buying and selling of goods and services
a)
economics
b)
inflation
c)
market
d)
barter
4.
Something we pay for that we can touch
a)
goods
b)
services
5.
Something we use from nature
a)
natural resource
b)
human resource
c)
capital resource
d)
entrepreneur
6.
Who determines the price of a good?
a)
The consumer
b)
The producer
c)
The distributor 
7.

Soil, minerals, air, water, and coal are all examples of

a)

fossil fuels

b)

conservation

c)

recycling

d)

natural resources

8.
An entrepreneur is someone 
a)
Someone who works for a new business
b)
Someone who starts a new business
c)
Someone who takes over an existing business
d)
Someone who does not want to work
9.

Something we desire but that is not necessary for survival

a)

Want

b)

Need

c)

Good

d)

Service

10.

Something essential for survival

a)

Want

b)

Need

c)

Good

d)

Service

11.

SELECT ALL THAT APPLY: Which one of these is an example of a scarce resource?

a)

Time

b)

Money

c)

Food

d)

Oil

12.

The fact that there are limited amounts of goods and services to meet unlimited wants is called:

a)

Scarcity

b)

Shortage

c)

Surplus

d)

Economics

13.

When you make a choice, you often have to give up other options...those things are called the...

a)

Opportunity Cost

b)

Missed Opportunities

c)

Misused Resources

d)

Scarce Options

14.
What is opportunity cost?
a)
your choice
b)
what you give up to make a choice
15.

Jake and Finn is brainstorming potential solutions to a problem. According to the rational decision-making model, what is occurring?

a)

summarizing the problem

b)

developing a list of alternatives

c)

choosing the alternatives

d)

analyzing the alternatives

16.

The first step in the decision making process is to?

a)

evalutate the decision

b)

solve the problem

c)

state the problem

d)

state the solution

17.

What step is "Identify your values" (P.A.C.E.D)?

a)

Step 1

b)

Step 3

c)

Step 2

d)

Step 4

18.
The last part of the PACED Decision Making Model
a)
Decide
b)
Describe
c)
Do
d)
Determine
19.
"P" in PACED decision making model
a)
Possible Solution
b)
Problem
c)
Pace
d)
Possibility
20.
Outcome
a)
Result of a decision
b)
Result of a consequence
c)
Result of an option
d)
Result of an alternative
21.

What type of economic system did Adam Smith support?

a)

a free market system

b)

mixed economic system

c)

planned economic system

22.

The amount of goods and services available to buy compared with the amount that people want to buy.

a)

Industrial Capitalist

b)

Economics

c)

Supply and Demand

d)

Laissez-Faire

23.

A philosophy that calls for very little or no government involvement in the economy.

a)

Industrial Capitalist

b)

Economics

c)

Supply and Demand

d)

Laissez-Faire

24.

The breakdown of work into specific tasks performed by different people; often considered a way to make workers more efficient.

a)

division of labor

b)

Economics

c)

Supply and Demand

d)

Laissez-Faire

25.

WHAT ARE THE 4 FACTORS OF PRODUCTION?

a)

Land, Capital, Need & Want

b)

Land, Labor, Capital, Entrepreneurs

c)

Water, Air, Food & Shelter

d)

Land, Capital, Good & Service

26.

Which of the factors of production is this?

a)

capital

b)

entrepreneur

c)

land

d)

labor

27.

Which one of the factors of production is this?

a)

capital

b)

entrepreneur

c)

land

d)

labor

28.
Which factor of production would you consider a lawn mower?
a)
Land
b)
Labor
c)
Capital
d)
Entrepreneur
29.
Any technology/machinery involved in the production process:
a)
Human Capital
b)
Physical Capital
c)
Investment Capital
d)
Enterprise Capital
30.

Iron Ore

a)

Land

b)

Labor

c)

Physical capital

d)

Human capital

e)

Entrepreneuership

31.

Machinery

a)

Land

b)

Labor

c)

Physical capital

d)

Human capital

e)

Entrepreneurship

32.

Creativity

a)

Land

b)

Labor

c)

Physical capital

d)

Human capital

e)

Entrepreneurship

33.
Which type of economy has central ownership and lack of individual choice?
a)
Market Economy
b)
Mixed Economy
c)
Command Economy
d)
Traditional Economy
34.
What is a characteristics of a market economy?
a)
lack of choice
b)
individual choice
c)
competition
d)
central ownership of property
35.
Which type of economic system bases its decisions on custom?
a)
Market Economy
b)
Mixed Economy
c)
Command Economy
d)
Traditional Economy
36.
Which type of economy is controlled by the government?
a)
Command
b)
Market
c)
Mixed
d)
Democratic
37.
This economy would most likely have a dictator.
a)
Mixed
b)
Capitalism
c)
Socialism
d)
Communism
38.

In this economy, you are the owner of construction company, but all your materials to build houses is regulated by the government to ensure safe housing for all.

a)

Socialist

b)

Free Enterprise

c)

Communist

d)

None

39.

Individual freedom and government regulation is in moderation in

a)

Capitalistic economy

b)

Mixed economy

c)

Socialistic economy

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