WorksheetsEconomics
Total questions: 49
Worksheet time: 30mins
Economic system where government controls everything.
Market
Command
Mixed
Free Enterprise
In a ______________ economic system, customs and traditions determine what and how to produce
traditional
market
command
mixed
In a ______________ economic system, the government owns resources and controls production, prices, and wages
traditional
market
command
mixed
What is a consumer?
a person who takes things
a person who purchases goods and services for personal use
a person who takes good away
the economic factors affecting the price, demand, and availability of a commodity
What is a producer?
a person who gives goods away
things people would like to have
the exchanged of goods and services without the use of money
a person, company, or country that makes grows, or supplies goods for sale
What is a free market economy?
An economy based on supply and demand with little or no government control
The international exchange of goods
An economy in which decisions are made by the government
An economy that is communist
What type of economy does the United States have?
traditional
mixed
command
market
Which type of economy involves trading, and doesn't usually use money?
traditional
command
mixed
market
Basic things humans need to survive
want
import
need
Extras that make life more enjoyable
need
want
savings
a good made in another country and brought into the United States
import
export
supply
A good made in the United States and sent to other countries
import
export
supply
not being able to meet all wants at the same time
demand
supply
scarcity
Actions that people do for others
goods
services
supply
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
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
What is profit?
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
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.
______________ are people who use natural resources, human resources, and capital resources to make goods or provide services.
Producers
Services
Goods
Resources
________________ are people who use services or buy goods.
Producers
Resources
Pretty
Consumers
_______________ resources are materials that come from nature.
Special
Natural
Human
Capital
______________ resources are people working to produce goods or provide services.
Capital
Human
Natural
Manufactured
________________ resources are the things that people use to make the goods or provide their services.
Natural
Capital
Company
Human
The good or service that you give up when you make an economic choice is called _____________________.
opportunity cost
economic choice
economic interdependence
economic specialization
Being an expert in one job, product, or service is called ___________________.
economic interdependence
economic specialization
opportunity cost
scarcity
The term used when there is not enough of something to go around is __________________.
scarcity
economic choices
resources
opportunity cost
What type of resources are these?
capital
natural
nautical
human
This picture shows examples of _________________ resources.
natural
capital
human
consumer
The buildings, machines, and tools that companies use to make products
capital resources
human resources
natural resources
entrepreneurs
What do we call all of the resources required to make a product (good or service)?
economics
consumption
four factors of production
scarcity
money paid to the government through income, sales, and purchase of property
taxes
goods
scarcity
human resource
