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WorksheetsEconomics Basics Test
Total questions: 24
Worksheet time: 23mins
Which of these is NOT an economic need?
food
shelter
love
clothing
What is a profit?
money left after paying expenses
money made from sales
money a business has lost
money used to pay expenses
Which of these is NOT an example of a good?
trucks
houses
auto repair
computers
Scarcity occurs when everyone has enough resources to meet their needs and wants.
True
False
Sometimes true
The main goal of every business is to
produce quality goods.
make money.
produce a large amount of goods.
ensure their customers are satisfied.
All of the following are examples of natural resources EXCEPT
land.
water.
gold.
paper.
What is another term for barter?
trade
produce
dig
pay
The value of all possessions a person or country has is called
economy
money
wealth
power
As the price of a good/service goes up, consumers are less willing to buy it.
True
False
Which of the following is NOT an example of capital?
assembly line worker
delivery truck
office supplies
factory building
Which law says that as the price of a good goes down, consumers are more willing to buy?
Law of Supply
Law of Demand
Factor of Production
Scarcity
What is currency?
type of money
type of resource
type of profit
type of capital
What is another term for buyers?
consumers
employees
entrepreneurs
businesss
This type of economy has the government controlling all aspects of the economy.
traditional economy
market economy
command economy
mixed economy
Which of the following is NOT a factor of production?
capital
labor
natural resources
services
What type of economic system did humans use first, before money was invented?
command economy
market economy
mixed economy
traditional economy
Which type of economy is driven by supply and demand, and competition, and includes NO government control/ownership?
command economy
market economy
mixed economy
traditional economy
Which of these is NOT an example of a service?
babysitter
auto mechanic
landscaper
talking robot
What is an entrepreneur?
a worker
a business owner
an interpreter
a raw material
What economic principle says that, in general, businesses are more willing to make more of a good/service if the price of that good/service is higher?
Law of Demand
Law of Supply
Scarcity
Profit
This is a medium of exchange; it has value and is measurable
barter
money
economy
capital
Which of the following best describes labor as a factor of production?
The natural resources used in production.
The human effort used in the creation of goods and services.
The machinery and tools used in production.
The financial capital invested in a business.
Turkeys for Thanksgiving are raised on poultry farms. If the Bird Flu hits and kills most of the turkeys, (a) and the (b) .
This term refers to how much people want a good/service and how much they are willing and able to pay for it.
demand
supply
scarcity
economics
