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WorksheetsEconomics Review
Total questions: 26
Worksheet time: 15mins
2. Something you can buy or use (objects)
need
want
good
service
Something that somebody does for you (actions)
need
want
good
service
A persons that makes goods or provides a service.
consumere
producer
good
service
A persons that buys or uses goods or services
consumer
producer
good
service
Things we would like to have, but do not need for survival.
need
want
good
service
Things we must have to stay alive.
need
want
good
service
The amount of something available for consumers.
scarcity
supply
producer
demand
How much consumers want something.
scarcity
supply
producer
demand
Not enough to meet demand.
available
scarce
supply
demand
Enough to meet demand.
]
available
scarce
supply
demand
Which of the following is a good?
a textbook
a teacher teaching your math
mechanic fixing your car
dentist cleaning your teeth
Which of the following is a service?
a cellphone
a new shirt
mechanic fixing your car
sunglasses
Which of the following is a need?
a cellphone
a new shirt
water
sunglasses
Which of the following is a want?
food
a new shirt
water
air
Our class wants to make and sell chocolate chip cookies. We need chocolate chips, a cookie sheet, oil, a baker and a few more items.
What type of resource is the baker?
Capital Resource
Human Resource
Natural Resource
Entrepreneurship
Our class wants to make and sell chocolate chip cookies. We need chocolate chips, a cookie sheet, oil, a baker and a few more items.
What type of resource is the cookie sheet?
Capital Resource
Human Resource
Natural Resource
Entrepreneurship
Our class wants to make and sell chocolate chip cookies. We need chocolate chips, a cookie sheet, oil, a baker and a few more items.
What type of resource is the oil?
Capital Resource
Human Resource
Natural Resource
Entrepreneurship
Our class wants to make and sell chocolate chip cookies. We need chocolate chips, a cookie sheet, oil, a baker and a few more items.
What type of resource is the class opening the business?
Capital Resource
Human Resource
Natural Resource
Entrepreneurship
Why did our class decide to open a business and sell cookies?
to pay taxes
to make a profit
to eat cookies
What is a capital resource?
Something found in nature used to make a product.
Something made by man, used to make a product.
A person used to make a product.
A risk someone takes to open a business and make a profit.
What is a natural resource?
Something found in nature used to make a product.
Something made by man, used to make a product.
A person used to make a product.
A risk someone takes to open a business and make a profit.
What is a human resource?
Something found in nature used to make a product.
Something made by man, used to make a product.
A person used to make a product.
A risk someone takes to open a business and make a profit.
What is the relationship between a consumer and a producer?
producers buy products and consumers sell products
consumers buy products and producers sell products
Dr. Sanders had a Mountain Dew but wanted a water, and Ms. Postema had a bottle of water but wanted a mountain dew. They voluntarily traded with each other. Who benefitted from this voluntary trade?
Dr. Sanders benefitted
Ms. Postema benefitted
Neither one benefitted
both Dr. Sanders and Ms. Postema benefitted
Dr. Sanders has an orange tree on her front porch. In the winter time she has no oranges, but in the spring she has more the she can eat. She decides that she should sell some of her oranges. Which of the following is true?
Since there are more oranges in the spring the price will be higher
Since there are more oranges in the spring the price will be lower
Since supply is limited in the winter she will lower her prices
Ms. Bramlett and Mrs. Duren went to the movies. They paid for their tickets and wanted to buy a drink, a pretzel and a large popcorn. They did not have enough money for all of them so they decided to get popcorn and a drink. What is the opportunity cost?
the pretzel
the movie
the drink
the popcorn
