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Economics

Total questions: 12

Worksheet time: 6mins

Name
Class
Date
1.

An object that someone can buy that can be held or touched is called a what?

a)

Good

b)

Service

c)

Consumer

d)

Producer

2.

Buying a ticket to see a movie is an example of paying for what?

a)

Good

b)

Product

c)

Service

d)

Consumer

3.

The desire that people have for products is called what?

a)

Supply

b)

Demand

c)

Need

d)

Good

4.

The amount of product or service that someone has is called what?

a)

Demand

b)

Good

c)

Service

d)

Supply

5.

Economics is the study of what?

a)

Ecosystems

b)

Chemicals

c)

Energy

d)

Money/ Wealth

6.

When I give money for my large coffee in the morning to the cashier, I have now become a what?

a)

Producer

b)

Consumer

c)

Entrepreneur

d)

Employee

7.

When I do not have enough supply to meet the demand of a good or service I now have a what?

a)

Surplus

b)

Product

c)

Shortage

d)

Job

8.

Having more supply than I do demand would result in a what?

a)

Shortage

b)

Surplus

c)

Market Crash

d)

Service

9.

In a market economy, who is mostly responsible for pricing and producing products?

a)

The Government

b)

Businesses

c)

Incredibly Rich People

d)

The King

10.

Competition among businesses benefits who?

a)

The Consumer

b)

The Business

c)

Both Business and Consumer

d)

No One

11.

The cash register that the business uses to sell bananas is an example of a what?

a)

Capital Good

b)

Consumer Good

c)

Capital Service

d)

Consumer Service

12.

The shoes I bought from the mall are an example of a what?

a)

Service

b)

Consumer Good

c)

Capital Good

d)

Need