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Worksheets10 Economics week one
Total questions: 20
Worksheet time: 14mins
Which of the following is the best definition for economics?
Mo money mo problems
The study of how people satisfy their needs and wants
The study of scarcity and opportunity costs
The study of money and finance
None of the above
Which of the following is the best definition for bartering?
The trading of currency
The shifting of resources
The exchange process
trading one thing for another
None of the above
Which of the following is the best definition for the term: needs?
Needs are the things that a person has to have to survive.
Needs are something you really want at the highest level.
Needs are things that economics solves
Needs are the opposite of wants
None of the above
What is the best definition for the term: wants in economics?
Wants are the things we want that we trade for.
Wants are the things we want but are scarce and limited.
Wants are those things that you would like, but do not need to survive
Wants are are things like food, water, nice car.
None of the above
What does this picture best show us?
A need
A want
Beach life
Excellent stock image selection skills from your humanities teacher
None of the above
What does this picture best show us?
A want
A waste of money for most people
Donald Trump's toilet
All of the above
None of the above
What is the best definition for scarcity?
A limited amount of resources to meet unlimited wants and needs
An unlimited amount of resources to meet unlimited wants and needs
Every want and need is limited
Every need and want is unlimited
None of the above
Check each of the following resources that are scarce.
Water
Sunlight
Iron
Time
Titanium
Which of the following is NOT a cause of scarcity?
Personal Perspective: your own feelings of what is needed or wanted.
Resource scarcity: The law of supply states that everything that has matter must be scarce
Poor Distribution of Resources: not using your resources to their potential.
Rapid Increase in Demand: A sudden rush to use resources can cause a shortage.
None of the above
Check all that are ways in which we deal with scarcity
Doing without something
We ignore it
Creating more resources
We make more
Making better use of our resources
What is the best definition for the term: real costs?
The time, resources, and opportunity costs associated with economic projects
All of the resources used to produce a good or service.
The real amount needed to purchase something
The consequences of actions
None of the above
What is the best definition for the term: trade off?
Apples and oranges
When you trade goods and services
When you trade time for money
When you choose between two possible uses for a resource, giving up one alternative for another.
None of the above
This definition "The value of time, money, goods, and services given up in an economic choice" best applies to which of the following?
Trade-offs
Opportunity costs
Real costs
Hidden costs
None of the above
(a) are what every economy, business and consumer must answer!
Businesses make money by selling _______and ________.
services, jobs
goods, resources
goods, services
products, real costs
None of the above
Check all that would be considered a good.
shoes
iphones
watches
chopsticks
a new car
Check all that would be considered a service
Teaching
Cleaning
Financial advice
Fixing your car
Fitness trainer
Which of the following is the best definition for the term resource in economics?
Resources are materials from which goods and services are made.
Resources are scarce because they are limited
Resources are materials we use
Resources are physical items used to produce goods
None of the above
Which of the following is NOT a type of resource?
Human resources
Natural resources
Capital resources
Financial resources
None of the above
Why is it important to take good notes during this economics unit?
