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WorksheetsIntro to Economics
Total questions: 14
Worksheet time: 13mins
What is an opportunity cost for a student watching a video in class?
They are learning something
The music video they are not watching
They will get in trouble from their parents if they don't
Economics is the study of.............
The study of money and how we coose to use it
The study of resources and who gets what
the study of people try to meet unlimited wants and needs with scarce resources.
The condition that results from society not having enough resources to produce all the things people need and want.
Scarcity
Resources
Needs
Wants
A ______________ is what you need to survive, a __________ is something you would like to have but is not necessary to survive
(a)
Categories of goods, check all that apply
durable
nondurable
need
consumer
want
Economic services are not the same as economic goods.
true
false
An economic product are goods and services that are useful, scarce and _________________ to others
have value
transferable
belong
satisfy
A good that is intended for final use by consumers and individuals is________________
a capital good
durable good
consumer good
nondurable good
Explain the paradox of value
Adam Smith believed that the wealth of a nation depends on material possessions and the labor and skills of its people. However, the Nation would fail without___________________
people and their skills
possessions
material possessions and labor
______________ is the capacity to be useful and provide satisfaction.
Value
Paradox of value
Utility
Economics
______________ are not counted as weath because they are intangible.
Goods
Services
Wealth
What does TINSTAAFL mean?
Thanks I'm never satisfied til angry angles fly lite
There is no such thing as a forgiven lier.
There is no such thing as a free lunch
What are Economic Questions? check all that apply
Why produce
What to produce
How to produce
When to produce
Who are you producing for
