WorksheetsBusiness activity
Total questions: 18
Worksheet time: 18mins
Land, labour, capital and enterprise are collectively known as
Goods and services
Business cycle
Factors of production
Output
Which of the following is NOT a factor ofproduction?
oil reserves
factory buildings
skilled labour
a play station
Which of these is the best definition of the ‘economic problem’?
People do not have enough money.
There are not enough resources to satisfy people’s wants.
There are too many factors of production.
The amount of something produced by a person, machine or industry.
Someone who buys goods or services is called a ____________________
producer
consumer
Which of these explains a want, not a need?
Shelter: If you don't have this you could possibly die in cold weather
Chocolate: People like to eat this as a sweet treat, some may think it's delicious.
Protein: This is important for having good health. It provides valuable nutrients.
Clothes: You wear these to stay warm and out of jail.
What might be some good reasons that a computer is a need and not a want? (Pick 2)
To check Facebook
To do work for a job
To do homework
To play games on the internet
To watch Netflix
The economic problem is that
resources are limited and wants are limited.
resources are unlimited and wants are limited.
resources are limited and wants are unlimited.
resources are unlimited and wants are unlimited.
The opportunity cost of a good is
its price in dollars and cents.
the alternative goods forgone.
the price of alternative goods foregone.
none of the other options
True/False: Human wants will always exceed available resources.
TRUE
FALSE
When "wants are greater than the resources available to satisfy them," it is called...
Scarcity
Needs
Opportunity Cost
None of these answers
When you make a choice, you often have to give up other options...those things are called the...
Opportunity Cost
Missed Opportunities
Misused Resources
Scarce Options
Which one of the following is an opportunity cost?
You stay out late and your parents ground you.
You run a red light and you get a ticket.
You choose to give up math to study for history.
In a softball game, you miss the ball and strike out.
Because of scarcity, people are forced to make _________ about how to use resources.
Choices
Opportunities
Houses
Desires
Amber was shopping at the mall. She had $80 to spend. She found three items she liked: $75 for a pair of shoes, $70 for a jacket, and $62 for a dress. After shopping for a couple hours, she decided to borrow a pair of shoes from her cousin and to buy the jacket for $70. What was her opportunity cost?
Shoes
Jacket
Dress
Purse
Tom was shopping for a car. He has looked at a Ford, Honda, Toyota, and Dodge. After a lot of debate, he narrowed it down to either the Ford or the Honda. He selected the Ford, because he liked the interior a little better. What was his opportunity cost?
Ford
Honda
Toyota
Dodge
Which of these terms is the BEST synonym for the word "entrepreneur"?
"business owner"
"home owner"
"employee"
"student"
Which one of these definitions best describe Opportunity Costs?
The cost of making one decision over another.
The cost for the opportunity to buy anything you want.
The opportunity that will cost you loads of money.
