WorksheetsEconomic Activity
Total questions: 11
Worksheet time: 4mins
What is the main economic problem?
to many resources
not enough needs
scarcity
All of the Above
What does scarcity mean?
People are scared.
There is not enough of something.
Too much of something.
None of the above.
What is unlimited and endless in economics?
resources
raw materials and labor
needs and wants
goods and services
What is limited in economics?
needs
resources
wants
All of the above.
Because of the scarcity, what do we have to make?
choices
money
products
Noneoftheabove.
Every time we make an economic choice, what two things occur?
A profit and a loss.
A benefit and profit.
A benefit and a cost.
None of the above.
How is the value of each purchase or choice we make decided?
By looking at the benefit.
By looking at the missed opportunity.
By looking only at the monetary cost.
None of the above
What does opportunity cost mean?
It is what a person gives up when they make a choice.
It is the idea that scarcity is an economic problem.
It is that choices have benefits.
None of the above.
We have a limited amount resources but there is an endless amount of needs and wants
True
False
Because of the economic problem, people and governments don’t have to make many decisions in how best to deal with the scarcity.
True
False
Every economic choice we make has a value.
True
False
