WorksheetsEconomic Decisions and Systems
Total questions: 23
Worksheet time: 17mins
____________ are essential, while ___________ just add to the quality of life.
Goods, services
Needs, wants
Products, services
Wants, needs
True or False?
Purchasing and consuming goods and services is how you satisfy your needs and wants.
True
False
Needs and wants are ______________, while our resources are _____________.
satisfied, unsatisfied
limited, unlimited
unlimited, limited
necessary, unnecessary
Which of the following is NOT an economic resource?
Natural Resource
Capital Resource
Human Resource
Monetary Resource
Which of the following is a capital resource?
Water
Labor
Buildings
Animals
True or False?
The basic economic problem is that we have unlimited needs and wants, but we have limited resources.
True
False
True or False?
Scarcity means not having enough resources to satisfy every need.
True
False
Things available to be used to produce goods and services
goods
market price
demand
economic resources
Things that are required in order to live
needs
wants
chocolate
luxuries
Not having enough resources to satisfy every need
needs
wants
scarcity
luxuries
Person who buys and uses goods and services
consumer
producer
manager
entrepreneur
The first step in the economic decision-making process is to evaluate the advantages and disadvantages of each choice.
True
False
The means through which goods and services are produced are called
economic resources
needs
spending opportunities
economic choices
All of the following are capital resources EXCEPT
a pickup truck
a factory
a hammer
employees
