WorksheetsUnit 7 Economics Study Guide
Total questions: 13
Worksheet time: 10mins
Which choice best describes an economy
where prices of products and services are
based on supply and demand?
consumers
producers
trade economy
market economy
What is the buying and selling of goods and
resources between countries called?
currency
trade
economy
interdependence
A tractor that pulls a plow is an example
which type of resource?
natural resource
human resource
capital resource
service resource
An entrepreneur is
a resource owner
a business owner
a hard worker
a factory worker
Which is an example of a human resource?
a store owner
school
a construction worker
a body of water
A person or business that makes goods and
provides services is a_______.
consumer
human resource
producer
natural resource
A natural resource could be _____.
goods or services
soil or minerals
computers
currency
Wade bought a video game. The video game is an example of _________.
service
producer
good
consumer
Mrs. Cason likes the ring she purchased
from the store owner. The store owner is
excited about the profit she made from
selling the ring. This is an example of ________.
budgeting
marketing
voluntary exchange
involuntary exchange
Pick three goods or services provided by the
government that are paid for with taxes.
candy, toys, and houses
police, firemen,and military
Schools, libraries, and roads
shoes, clothes, and haircuts
Explain how trading between countries
benefits consumers.
prices decrease
prices increase
price stay the same
wealth happens
Debbie decides to buy new shoes instead of
buying a new video game. What is her
opportunity cost?
shoes
video game
Explain how trading between countries
benefits consumers.
Provide consumers with a quality choice of
products
Provide consumers with a cheaper choice of
products
Provide consumers with a lesser choice of
products
Provide consumers with a greater choice of
products
