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WorksheetsGRADE 11 ECONOMICS
Total questions: 20
Worksheet time: 20mins
What is Economics?
the study of money
the study of people
the study of government
the study of investment
things purchased by consumers
goods
consumer
producer
supply
A person who provides a good or service
producer
need
want
consumer
A person who purchases a good or service
consumer
taxes
supply
good
Basic things humans need to survive
need
want
import
demand
how much of a good or service consumers want
demand
spending
producer
scarcity
A good made in the United States and sent to other countries
export
consumer
savings
taxes
Globalisation is best defined as
increased international trade as a result of free movement of goods and capital between countries
a situation where all of the world uses the same common currency
the growing trend for companies to stop making products within their own country
the increase in the world tourist industry leading to more global travel
One possible disadvantage to businesses of globalisation is that:
all products will become more expensive
there will be more international competition
there will be less choice and variety for their consumers
they will tend to produce on a small scale and this will raise costs
The main economic problem faced by all society is
unemployment
Inequality
Poverty
Scarcity
The best definition of economics
Hows choices are made under conditions of scarcity
How money is used
Hows goods are services are produced
How businesses maximize profits
