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WorksheetsPersonal Finance and Economics Review
Total questions: 50
Worksheet time: 4hrs 10mins
What is scarcity?
someone that makes a good
shortness of supply; not enough
something used to make a good
the relationship between people and places within a community
What is a resource?
providing only one good or service
someone that makes a good
something used to make a good
a person involved in the production/making of a good or service
Who is a consumer?
someone that uses or buys goods and services
a good sold to another country
something used or bought
shortness of supply; not enough of something
What is a good?
the act of doing something for someone else
providing only ONE good or service
something used or bought
a resource found in nature
What is a service?
shortness of supply; not enough
someone that makes a good
someone that uses goods and services
the act of doing something for someone else
Who is a producer?
anything used in the production/making of a good and service
someone that makes a good or provides a service
something used or bought
the relationship between people and places within a community
What is a natural resource?
a resource found in nature
a person involved in the production of a good or service
anything used in the production/making of a good or service
something used or bought
What is a capital resource?
Someone who makes goods or services
anything used in the production of a good or service?
a resource found in nature
a person involved in the production of a good or service
What is a human resource?
shortness of supply; not enough
the act of doing something for someone else
providing only ONE good or service
a person involved in the production of a good or service
What does interdependence mean?
something used to make a good
something used or bought
the relationship between people and places within a community
providing only ONE good or service
What does specialize mean?
someone that makes a good
someone that uses goods and services
anything used in the production/making of a good or service
providing only ONE good or service
What is an opportunity cost?
a shortness of supply; not enough of something
the single most valuable thing or opportunity you give up when a choice is made.
a resource found in nature
providing only ONE good or service.
What is an income?
something used to make a good
a person involved in the production of a good or service
something used or bought
money earned from working
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 activities that satisfy people’s needs and wants.
Goods
Services
Needs
Wants
_____________ are things that people make or use to satisfy their needs and wants.
Goods
Services
Producers
Consumers
______________ 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
Two or more people depending on each other for goods and services is called __________________________.
economic specialization
scarcity
economic choices
economic interdependence
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
These are examples of ________________ resources.
capital
natural
scarce
human
This picture shows examples of _________________ resources.
natural
capital
human
consumer
What is the next best choice that is given up when a choice is made?
economic choice
opportunity cost
The choice that is made among alternatives or possibilities?
economic choice
opportunity cost
You have to make a choice between playing outside or playing Xbox. You choose to go outside. Playing Xbox is your _________________.
opportunity cost
economic choice
fun
happy place
You go to Target and pick 2 shirts. You only have enough money for 1 of them. One of them is on sale and the other is full price. You pick the one on sale. What is you economic choice?
the money
the full price shirt
the on sale shirt
Target
Jewel wants to use her money to buy a skateboard and a bicycle. She can only afford one of them. She decides to buy a skateboard. Which of the following is one of Jewel's opportunity costs?
owning a bicycle
riding a skateboard
earning money in the future
spending money at the store
Why do countries create currency?
so people can become wealthy
so people can buy goods and services
so people can pay taxes to the government
so people can trade labor for goods and services
Why is trade with other countries important for American consumers?
because it gives them more choices of what goods to buy
because it improves the quality of goods made in America
because it encourages the government to lower their taxes
because it helps protect the global environment from pollution
What allows consumers in Georgia to be able to purchase fresh fruit year-round?
Farmers in Georgia have learned how to grow fruit in frozen soil.
Fruit is shipped from other states and countries to stores in Georgia.
Temperatures are warm enough in Georgia for fruit to be grown all year.
Fruit does not spoil so stores can keep large amounts of it in warehouses.
What is the name of the place where people buy and sell goods?
factory
marketplace
assembly line
industrial center
What two things are needed for a marketplace to work?
goods and services
stores and factories
consumers and producers
employees and employers
In the marketplace, who is a consumer?
A person who works at a job.
A person who provides a service.
A person who gets a loan from a bank.
A person who buys goods and services.
Georgia farms a lot of peaches. Peaches do not grow well in Hawaii. Hawaii grows pineapples, but Georgia does not. How do the two states meet their needs?
The two states consume each other’s fruits.
The two states trade fruits with each other.
The two states donate their fruits to each other.
The two states tax the fruits to make more money.
Which of the following is paid for with money collected through taxes?
bank
restaurant
public library
shopping mall
Which of the following are MOST LIKELY paid with money collected through taxes?
barbers, waitresses, cooks
reporters, farmers, painters
builders, mechanics, truckers
teachers, firefighters, mayors
Which of the following are true about supply and demand?
If demand is greater than supply, then prices are lower.
If supply is greater than demand, then prices are lower.
If supply is equal to the demand, then prices are higher.
If supply is greater than demand, then prices are higher.
Why do entrepreneurs take risks?
to pay taxes
to get elected
to make a profit
to gain knowledge
Who would a business consider a human resource?
someone who returns a product to the business
someone who buys the business's products
someone who visits the business's store
someone who works for the business
