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Social Studies Economics Review

Total questions: 47

Worksheet time: 24mins

Name
Class
Date
1.
What are goods?
a)
Things in the world.
b)
Things that are made or grown and then sold.
c)
Only positive things that happen to consumers.
d)
An activity that a business or person trades for payment.
2.

What is an example of a good?

a)

a haircut

b)

a toy

c)

lawn mowed

d)

wall painted

3.
Which is an example of a want?
a)
water
b)
clothing
c)
iPad
d)
shelter
4.
Which is an example of a service?
a)
buying lunch
b)
going to see a movie
c)
visiting the doctor
d)
buying new shoes
5.

What is an example of a need?

a)

TV

b)

video game

c)

bike

d)

food

6.
When you purchase something at a store are you a producer or consumer?
a)
consumer
b)
producer
7.

How willing people are to buy goods or services is called...

a)

scarcity

b)

resource

c)

demand

d)

good

8.
The total amount of a good or service that is available to buy is called
a)
demand
b)
incentive
c)
profit
d)
supply
9.

When there is a high supply and low demand, then prices will go down.

a)

True

b)

False

10.

When there is a low supply and high demand, then prices will go up.

a)

True

b)

False

11.
When there is not enough of a certian good this is known as?
a)
economics
b)
scarcity
c)
services
d)
goods
12.

There are four kinds of resources: human, capital, natural and technology.

a)

True

b)

False

13.
What are human resources?
a)
People who make and sell your products.
b)
Things found in nature used to make a product.
c)
Goods made and used to produce other goods and services.
d)
Not having enough people to work.
14.
What are natural resources?
a)
People who make and sell your products.
b)
Things found in nature used to make a product.
c)
Goods made and used to produce other goods and services.
d)
Nature is a beautiful place.
15.

What are capital resources?

a)

People who make and sell your products.

b)

Things found in nature used to make a product.

c)

Goods that are used to produce other goods and services.

d)

The United States of America

16.

All locations provide the same natural resources.

a)

True

b)

False

17.

People have to trade for some of the natural resources that they need or want.

a)

True

b)

False

18.

A teacher is a human resource.

a)

True

b)

False

19.

A telephone is ...

a)

a human resource

b)

a natural resource

c)

a capital resource

20.

An example of a natural resource is...

a)

police officer

b)

fire truck

c)

water

d)

pencil

21.

A person who has an idea to start their own business in order to make money is called...

a)

a consumer

b)

a producer

c)

an entrepreneur

d)

a human resource

22.

Christian works for the Pepsi company as a truck driver. What type of resource is Christian?

a)

A Capital Resource

b)

A Human Resource

c)

A Natural Resource

d)

A Entrepreneurial Resource

23.

Why do countries create currency?

a)

so people can buy goods and services

b)

so people can become wealthy

c)

so people can pay taxes to the government

d)

so people can trade labor for goods and services

24.

Ashley loaded her truck with vegetables from her garden to sell at a local market. Which of the following BEST describes Claire's truck?

a)

land resource

b)

natural resource

c)

capital resource

d)

human resource

25.

Which of the following is TRUE about supply and demand?

a)

If supply is greater than demand, then prices are lower.

b)

If demand is greater than supply, then prices are lower.

c)

If supply is equal to the demand, then prices are higher.

d)

If supply is greater than demand, then prices are higher.

26.

Hailey has been saving up her money for a new phone. She has enough to buy it, but her old phone still works just fine. What is Hailey’s opportunity cost if she decides to go ahead and buy the new phone?

a)

Hailey will have a new phone.

b)

Hailey will have a smaller amount of savings.

c)

Hailey will have two phones that she can use.

d)

Hailey will have more money than she did before buying the phone.

27.

Which of these is an example of a human resource?

a)

A river

b)

A forest

c)

A teacher

d)

A computer

28.

Who would a business consider a human resource?

a)

someone who returns a product to the business

b)

someone who buys the business's products

c)

someone who visits the business's store

d)

someone who works for the business

29.

Which of the following is an entrepreneur?

a)

Herby is hired by a farmer to run a fruit stand at the farmer's market.

b)

Arthur turned his living room into an art gallery for people to see his paintings.

c)

Matt invented a new type of rug that will not stain, and his brother sells them for him.

d)

Frank starts a business picking up takeout meals and delivering them to people.

30.

Which TWO of the following are MOST LIKELY paid with money collected through taxes

a)

Teachers

b)

Farmers

c)

Mayors

d)

Builders

e)

Barbers

31.
When you purchase something at a store are you a producer or consumer?
a)
consumer
b)
producer
32.

How willing people are to buy goods or services is called...

a)

scarcity

b)

resource

c)

demand

d)

good

33.

When there is a low supply of goods/services, then prices will go up.

a)

True

b)

False

34.

When there is a high demand for a good/service, then prices will go up.

a)

True

b)

False

35.

A teacher is a human resource.

a)

True

b)

False

36.
The system in which good and services are bought and sold. 
a)
Scarcity
b)
Economy
c)
Profit
d)
Geography
37.
Items that can be bought, sold, and traded, such as food and computers. 
a)
Goods
b)
Services
38.
Tasks that you pay someone to do for you.
a)
Goods 
b)
Services
39.
When people want more than they can actually have. 
a)
Economics
b)
Profit
c)
Demand
d)
Scarcity
40.
Something that leads a person to make a certain choice.
a)
Demand
b)
Incentive
c)
Entrepreneur
d)
Supply
41.
The total amount of goods or services available to buy. 
a)
Supply
b)
Demand
42.
Something that leads a person to make a certain choice.
a)
Demand
b)
Incentive
c)
Entrepreneur
d)
Supply
43.
The total amount of goods or services that customers will buy at all prices.
a)
Supply
b)
Demand
44.
What is a free market economy?
a)
You are made to sell and buy what an authority tells you to sell.
b)
You can choose what to buy with the money you make. 
45.
After the Fourth of July the fireworks prices will go down. This is an example of:
a)
High supply, low demand
b)
Low supply, high demand
c)
Scarcity
46.
The amount of money earned by a business after cost is removed is called: 
a)
Money
b)
Labor
c)
Profit
d)
Cost
47.
Lisa is selling hamburgers, but she has not made enough profit. What can she do to increase the profits?
a)
Using cheaper ingredients.
b)
Using more ingredients.
c)
Giving hamburgers away for free. 
d)
Selling them only at night. 

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