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WorksheetsEconomics
Total questions: 14
Worksheet time: 6mins
Economics is part of social studies about how people interact with
money
value
both money and value
Scarcity is
when you have too much of a good thing
when something is limited
a scar from a terrible climbing accident
when you have more capital resources than human resources
Which of the following is MORE scarce?
peanut butter
diamonds
Which of the following is MORE scarce?
cows
gold
Natural resources are
raw materials that the earth provides and humans use
resources that can be remade over time for continued human use
resources that can be used up and cannot be remade
A nonrenewable resource
can run out after being used one day
can be recreated over time for continued human use
cannot be regrown or recreated in a short amount of time
A renewable resource is
cannot be regrown or recreated in a short amount of time
possible to renew over time for continued human use
something that can be found only in the United States
Human resources are
natural resources combined with capital resources
materials that can only be used once
the people or workforce who make up the economy
Capital resources are
human-made products, tools, and machines
tools that can only be used once
materials that can be renewed for human use
What are some of the most scarce natural resources?
Coal and water
Oil and fresh water
Oil and trees
Trees and wind
What is bartering?
Trading
Exchanging certain goods and services for other goods and services
Buying more than you can afford
Trading AND exchanging certain goods and services for other goods and services
None of these
Where was paper money first developed?
England
The United States of America
China
Egypt
Currency is
the American dollar
coins
the most recent event in a country
a country's system of money
Why is using currency more effective than bartering?
Currency uses less gold
Currency has a value people can agree on
Currency can be hidden
Currency is the same in every country
