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WorksheetsEconomics Summative Study Guide SY 22-23
Total questions: 18
Worksheet time: 18mins
Which is a human resource?
tools
tree
teacher
book
Which type of resource is a tree?
capital
human
entrepreneur
natural
Which type of resource are tools?
capital
human
entrepreneur
natural
Which is a human resource?
someone who returns items to a store
a consumer
someone who visits
someone who works (provides labor) for a business
Why is it "risky" to be an entrepreneur?
An entrepreneur could lose everything (all their money)
An entrepreneur will ALWAYS succeed and make money.
An entrepreneur pays more taxes.
An entrepreneur combines types of resources to start a business.
Which is an entrepreneur?
working for someone else
buying things
starting your own business to make money
telling your sister to sell your stuff
Why do governments collect taxes?
to take away rights
to make sure laws are followed
to provide goods and services
to support churches
How are parks paid for?
tax money
kids buy them
girl scout cookies
Santa Claus
Who provides money to pay firefighters and police officers?
donators
charities
private companies
taxpayers
If Georgia grows a lot of peaches and Florida grows a lot of oranges, how could they help one another?
trade the fruits
tax the fruits
eat the fruits
donate the fruits to charity
How are goods and services allocated?
price
lottery
government
first come, first serve
What does a producer do?
sell a good or service
earns an allowance
saves money
What does a consumer do?
buys goods or services
makes furniture
works at a job
Which is true?
If supply is greater than demand prices are higher.
If demand is greater than supply prices are higher.
What is the name of the place where people can buy and sell goods?
a road
marketplace
forest
Mountain Park School
Jason has been saving for a new computer. He decides to buy it. What is his opportunity cost.
Now he has 2 computers.
Now he has less money saved.
His new computer.
Now he has more money.
Lily has a test to study for. She decides to play computer games instead. What is her opportunity cost?
Her grade might be lower on the test.
Her computer games
Friends she makes during the games.
She gets better at the games.
Why do countries create currency?
for farmers
They work hard.
So people can buy goods and services.
It is too hot.
