WorksheetsECONOMICS (Make-Up Quiz)
Total questions: 20
Worksheet time: 10mins
Economics is the study of ______________
Money
How to get rich
Consequences and Punishments
Choices
The objective of the economy is to
satisfy limited needs and wants with unlimited resources
satisfy unlimited needs and wants with limited resources
satisfy unlimited needs and wants with unlimited resources
satisfy limited needs and wants with limited resources
When economists say that resources are scarce, it means that they are what?
Limited
Lacking
Overflowing
Rare
The goods or services necessary to sustain life.
need
want
land resource
labor
What best describes a want?
An unnecessary object
A commodity that fulfills a desire
An expensive object
A derived need
Countries and states utilize this to solve the problem of allocation.
Culture and Norms
Rules and Regulations
Economic Systems
Fiscal Policies
Economics is considered a ______________ science.
philosophy
social
historical
astronomy
The productive resources that make up the 4 categories of land, capital, labor, and entrepreneurship.
factors of production
capital goods
consumer goods
fiscal policy
Oil, water, and wood are examples of ______________ resources.
Land
Labor
Capital
Entrepreneurship
Oprah Winfrey, Guy Fieri, and Steve Jobs are examples of ______________ resources.
Land
Labor
Capital
Entrepreneurship
Hammers, pencils, and computers are examples of ______________ .
Land
Labor
Capital
Entrepreneurship
Teachers, construction workers, and mechanics are examples of ______________ .
Land
Labor
Capital
Entrepreneurship
________________________ are a set of external motivators that help people make choices.
Incentives
Opportunity Cost
Scarcity
Finite Resources
An ability of a good or service to be useful and give satisfaction to someone.
utility
value
scarcity
productivity
The alternative people give up when they make choices.
marginal cost
trade-off
marginal benefit
utility
The additional cost of using one more unit of a product.
marginal cost
trade-off
marginal benefit
utility
The additional satisfaction from using one more unit of a product.
marginal cost
trade-off
marginal benefit
opportunity cost
Opportunity cost is
Whatever you are giving up to do something.
The study of production, employment, prices, and policies on a nationwide scale
The tension caused by infinite wants and finite resources.
A set of external motivators that help people make choices.
A graph representing the total amount of two products that can possibly be produced by a country.
Production Possibilities Curve
Factors of Production
Scarcity Model
Economics Frontier
