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WorksheetsUnit 8 Econ 101 Review
Total questions: 27
Worksheet time: 14mins
Which of the following is NOT a characteristic of a Traditional Economy?
Economic decisions based on custom/historical precedent.
People doing the same work that their parents and grandparents did.
The government telling a farmer what to make
A farmer selling beets because his/her grandparents farmed and sold beets.
__________ is the money that a business owner makes after all expenses have been paid. Example: A shoe sells for $100. The shoe cost $20 to make. The business owner made an $80 _________ from the shoe.
Price
Profit
Sale
Market
The interaction between supply and demand determine ________________.
Sale
Consumer Sovereignty
Command Economy
Prices of goods and services.
The process of combining resources to create goods and services is known as ____________.
Consumption
Production
Creation
Demand
The factors of production are the resources that take a(n) _________ and turn it into a(n) ___________.
idea, good or service
good or service, idea
dog, cat
cat, dog
Workers in a laboratory are considered what type of resource?
Natural
Capital
Human
Entrepreneur
Which of the following is an example of a capital resource?
Oil
Business Owner
Chair
Waitress
Ms. Mitat spent her evening creating a butter sculpture of Mr. Ski instead of reading a book called "How to Teach Kids Good n' Stuff". What was her opportunity cost?
The value of the time she spent making a butter sculpture of Mr. Ski
The value of the time she could have spent reading "How to Teach Kids Good n' Stuff"
The cost of the butter sculpture supplies
The cost of the book "How to Teach Kids Good n' Stuff"
In a ______________ economy, the government controls property and resources and consumers have a severe lack of choice in goods and services.
Traditional
Command
Free Market
Mixed
Each style of Economy answers three basic questions. Choose the THREE questions.
How will it be produced?
What will be produced?
Why will it be produced?
For whom will it be produced?
When will it be produced?
In a ____________ economy consumers, producers, AND the government make decisions about the economy.
Traditional
Command
Free Market
Mixed
Competition benefits consumers by __________ AND ___________. CHOOSE TWO.
Creating better quality products
Creating lower quality products
Keeping prices low
Keeping prices high
In a partnership, the business is owned by ___________ people
two
three
two or more
one
What is supply?
The amount that determines what is purchased
The cost of a good or service
The amount consumers are willing to buy
The amount producers are willing to sell
What is demand?
The amount that determines what is purchased
The cost of a good or service
The amount consumers are willing to buy
The amount producers are willing to sell
In a __________ economy private ownership of property and resources exists. For example, the ice cream shop owner owns the land the shop sits on and the equipment in the shop.
Free Market
Command
Traditional
!CORN!
The __________ sector = Free Market businesses
Private
Public
Consumer
Producer
The __________ sector = the government
Private
Public
Consumer
Producer
What is the name of the person who takes a risk to produce goods and services in hopes of gaining profit
Employee
Capn' Jimjon the Sabertooth Sailor
Entrepreneur
Salesman
What vegetable is yellow, sweet, and has kernels?
Supply
Demand
Oranges
!CORN!
Definition: The inability to satisfy all wants at the same time. Resources and goods are limited, so choices must be made.
Price
Demand
Consumption
Scarcity
Definition: The people who buy goods and services determine, through their purchases, what and how much will be produced.
Consumer Theory
Consumer Sovereignty
Free Market Consumption
Private Competition Theory
When I buy corn, I'm a _____________.
Consumer (Cornsumer)
Producer
Seller
When I make corn, I'm a _____________.
Consumer (Cornsumer)
Producer
Seller
When I offer someone a tour of my cornfield, I am a ___________
Consumer (Cornsumer)
Producer
Corn is a type of _________.
Good
Service
Fruit
A class about corn is a _________.
Good
Service
fruit
