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WorksheetsEconomics Chapter 1 Section 1
Total questions: 21
Worksheet time: 11mins
Our inability to satisfy all our wants is called ___________.
profit
scarcity
surplus
wages
Because we face scarcity, we must make _____________.
studies
money
profit
choices
It is the study of the nations economy as a whole.
Microeconomics
National economy
National output
Macroeconomics
The two main branches of economics are macroeconomics and
microeconomics
business
trading
finances
The branch of economic theory that deals with behavior and decision making by small units such as individuals and firms is called
Econ
Microeconomics
B.O.B.
Macroeconomics
The need for choice occurs because everything that exists is limited, although some items (trees) appear to be in an infinite supply.
resources
land
wants
scarcity
Scarcity means that people do not and cannot have enough income and time to satisfy their every want.
True
False
Scarcity and shortage are the same thing.
True
False
What is the difference between a shortage and scarcity?
A shortage is temporary but scarcity always exists
A shortage results from rising prices; scarcity results from falling prices
A shortage is lack of all goods and services; scarcity concerns a single item
There is no real difference between a shortage and scarcity
A shortage is...
a temporary outage of stuff.
a name of a cow.
the idea that all things have a beginning and an end.
a synonym of scarcity.
Why do prices often go up when there is a shortage?
Because people have a lot of money.
Because there are not enough products available and people are willing to pay more.
Possible cause of a shortage.
Panic buying
Heavy snowstorm
Pandemic
All of the above
Human effort directed toward producing goods and services. Ex. Work Force
labor
land
capital
rent
Previously manufactured goods used to make other goods and services.
land
capital
entrepreneurship
labor
When individuals take risks to develop new products and start new businesses in order to make profits
land
labor
capital
entrepreneurship
Machines, buildings, and tools used to make cars at an auto factory would be considered capital goods.
Capital Goods
Credit
Entrepreneur
Money
The amount of output (goods and services) that results from a given level of inputs (land, labor, capital, and entrepreneurship)
capital
entrepreneurship
productivity
Hi Noni
The use of science to develop new products and new methods for producing and distributing goods and services is called technology.
True
False
