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WorksheetsCP ECO
Total questions: 52
Worksheet time: 2hrs 0mins
Which of these examples is a service?
Mr. Farr sells guitars.
Mr. Swenson gives art supplies to consumers.
Coach provides lessons for different sports.
Ms. Miller writes books.
Jenny has hundreds of stuffed animals to sell. The stuffed animals are considered the _________.
supply
demand
buyer
seller
Why would a business want to spend their money to invent new items?
They can save money
They will fix broken items
They can buy cool goods
They can make new goods to sell
Tyler wants to help homeless people. He decides to get friends together to put together boxes with supplies in them. Tyler and his friends then give the supply boxes to people in need. What are they doing?
They are spending the supplies.
They are donating the supplies.
They are earning the supplies.
They are borrowing supplies.
What is supply?
the amount of an item you have
how many people want your good/service
the money you have left over after you paid your bills
none of these
What is demand?
the amount of an item you have
how many people want your good/service
the money you have left over after you paid your bills
none of these
What is profit?
the money you have left over after you paid your bills
how many people want your good/service
the amount of an item you have
none of these
What does it mean when you save money?
You buy a new outfit.
You put money away for later.
You invent a new good.
You give money to help animals.
Opal saved money in the bank. From doing this, she earned _______.
Interest
Invest
Some companies _______ in inventions that will help them compete with other companies.
Interest
Invest
Apple saved some of their money to create the new iPhone X. This choice means Apple _______ in their company.
Interest
Invest
Ms. Miller put $200 into her account, but now she has $230. This is because of ______.
Interest
Invest
Which of the following will increase your profit for selling hot chocolate?
Use expensive materials
Lower the price
Give each buyer more hot chocolate
Use cheaper materials
Money that you put in a savings account______.
can never be spent
can earn interest
will be stolen
is going to be donated
Which of these is a way that a business can use its money wisely/invest in their business?
It can use more expensive resources.
It can invent new goods.
It can buy machines to make goods.
All of the above
iPhone X just came out and many people want it. What will happen to the price?
A new bakery comes to town. Now there are more options for a bakery. What will happen to the price?
For the market, Opal is selling brownies. Dyamonde is also selling brownies. What will happen to the price?
Halloween is almost here! The supply of candy is going down. What will happen to the price?
Using income for purchases, expenses, and debt
spending
savings
goods
services
Income set aside for unexpected expenses
savings
goods
services
producer
things purchased by consumers
goods
consumer
producer
supply
the action of fulfilling a need for income
services
need
want
consumer
A person who provides a good or service
producer
need
want
consumer
A person who purchases a good or service
consumer
taxes
supply
good
Basic things humans need to survive
need
want
import
demand
Extras that make life more enjoyable
want
need
producer
savings
The amount available
supply
demand
import
natural resource
how much of a good or service consumers want
demand
spending
producer
scarcity
money paid to the government through income, sales, and purchase of property
taxes
goods
scarcity
human resource
goods naturally found on the earth
natural resources
supply
demand
services
services provided by people
human resource
import
scarcity
consumer
goods made to use in the production of other goods
capital resouces
demand
taxes
export
a good made in another country and brought into the United States
import
scarcity
supply
spending
A good made in the United States and sent to other countries
export
consumer
savings
taxes
not having enough
scarcity
supply
human resouce
taxes
A person who comes up with a new idea for a product, and they actually make it and sell it.
resource
human resources
consumer
entrepreneur
Who is an entrepreneur in the list below?
farmer
bulldozer
business owner
employee
Most people in a developing country work in which level of industry?
Secondary (manufacturing)
Tertiary (selling)
Primary (agriculture)
Quarter (1/4 a dollar)
Which choice best describes the economic problem of scarcity in the world?
People have limited wants there is an unlimited amount of resources.
People have unlimited wants but there is a limited amount of resources
People have no wants so resources don't matter
These are resources people use to make goods and services.
Productive Resources
Economic Resources
Financial Resources
Basic Resources
Which of the following is not one of the three basic questions economists try to solve?
What should be produced?
How should it be produced?
Who gets what is produced?
When should it be produced?
Which two countries would likely trade with each other?
Two countries that are located far away from each other
Two countries that both have the same population.
Two countries who people both speak the same language.
Two countries that each specialize in producing different goods.
A country has a surplus of rich farmland, water sources, and capital resources such as tractors.In what industry should this country specialize?
Agriculture and Farming
Mining
Technology
Manufacturing
A country has a surplus of oil, coal, and precious metals. In what industry should this country specialize?
Agriculture and Farming
Mining
Technology
Manufacturing
