WorksheetsEconomics Vocabulary
Total questions: 25
Worksheet time: 18mins
What is the definition of Economics
The study of how resources are managed in the production, exchange in use of goods and services
The place or atmosphere in which goods or services are sold or exchanged
The place or atmosphere in which goods or services, are sold or exchanged.
(a)
True or False A producer is: People and/or companies which make and supply goods and services
True
False
Use goods and services to satisfy wants and needs.
(a)
Production of goods and services involves three types of resources
Producer
Consumer
Productive resources
Goods
True or False: Something that you can touch or hold that consumers want that are supplied by producers. Is an example of a good
True
False
True or False: are things you cannot hold
but that consumers want or need
that are produced in the economy. Is an example of a good
True
False
Efficiency is increased when business, individuals or countries produce the goods and services at which they are best, leaving the production of others goods to others.
(a)
After producing & selling a good or service, profit's the difference between revenue & cost of production. If cost's are greater than revenue's, profit is a negative there's a loss
Goods
Services
Specialization
Profit
An aspect of the physical environment that people value and use
(a)
Scarcity
Not being able to have everything wanted making necessary choices; when supply is less than demand
The quantity of resources, goods, or services that sellers offer at various prices at a particular time.
The quantity of resources, goods, or services that sellers offer at various prices at a particular time.
(a)
The number of consumers willing and able to purchase a good or service at a given price
Supply
Demand
Opportunity's Cost
Needs
In making a decision, the most valuable alternative not chosen.
(a)
Needs
The exchange of goods or services for other goods and services or money.
Desires that can be satisfied by consuming a good, service or leisure activity
Necessities (Foods, clothing, shelter)
Desire that can be satisfied by consuming a good, service or leisure activity
(a)
A benefit is
Something that satisfies one's wants.
an advantage or profit gained from something.
Benefit Cosmetics
None of the above
Just a quick little poll no right or wrong answer which one of these good is your favorite
PC/Laptop
Chick fil a
Ice Cream
Frozen Yogurt
Whataburger
Promising to repay a given amount of money, often with added interest.
(a)
True or False: A budget is a sum of money allocated for a particular use; plan for saving & spending money
False
True
True or False: Something that is given up to satisfy your wants
False
True
What are the example given in the power point slide about income
Wages
Salaries
Profit
Goods
Services
The use of money to buy goods and services
Cost
Income
Spending
Technology
Science applied to achieve practical purposes
(a)
Trade off
Getting less of one thing in order to get a little more of another.
Science applied to achieve practical purposes
