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WorksheetsUnit 3 Review
Total questions: 35
Worksheet time: 18mins
The reason we suffer opportunity costs is because of....
scarcity
correlation
causation
tradeoffs
If an increase in the price of cornflakes causes the price of milk to also increase, then cornflakes and milk are...
Substitute
Complementary
not related at all
Any point OUTSIDE the PPF curve is....
inefficient
perfect
unobtainable
inescapable
_____________ are things that people make or use to satisfy their needs and wants.
Goods
Services
Producers
Consumers
________________ are activities that satisfy people’s needs and wants.
Goods
Services
Needs
Wants
______________ are people who use natural resources, human resources, and capital resources to make goods or provide services.
Producers
Services
Goods
Resources
________________ are people who use services or buy goods.
Producers
Resources
Pretty
Consumers
_______________ resources are materials that come from nature.
Special
Natural
Human
Capital
______________ resources are people working to produce goods or provide services.
Capital
Human
Natural
Manufactured
________________ resources are the things that people use to make the goods or provide their services.
Natural
Capital
Company
Human
The good or service that you give up when you make an economic choice is called _____________________.
opportunity cost
economic choice
economic interdependence
economic specialization
Two or more people depending on each other for goods and services is called __________________________.
economic specialization
scarcity
economic choices
economic interdependence
Being an expert in one job, product, or service is called ___________________.
economic interdependence
economic specialization
opportunity cost
scarcity
Which of these examples is a service?
Mr. Farr sells guitars.
Mr. Swenson gives art supplies to consumers.
Coach provides lessons for different sports.
Ms. Miller writes books.
Jenny has hundreds of stuffed animals to sell. The stuffed animals are considered the _________.
supply
demand
buyer
seller
Why would a business want to spend their money to invent new items?
They can save money
They will fix broken items
They can buy cool goods
They can make new goods to sell
Tyler wants to help homeless people. He decides to get friends together to put together boxes with supplies in them. Tyler and his friends then give the supply boxes to people in need. What are they doing?
They are spending the supplies.
They are donating the supplies.
They are earning the supplies.
They are borrowing supplies.
What is supply?
the amount of an item you have
how many people want your good/service
the money you have left over after you paid your bills
none of these
What is demand?
the amount of an item you have
how many people want your good/service
the money you have left over after you paid your bills
none of these
What is profit?
the money you have left over after you paid your bills
how many people want your good/service
the amount of an item you have
none of these
What does it mean when you save money?
You buy a new outfit.
You put money away for later.
You invent a new good.
You give money to help animals.
Opal saved money in the bank. From doing this, she earned _______.
Interest
Invest
Some companies _______ in inventions that will help them compete with other companies.
Interest
Invest
Which of the following will increase your profit for selling hot chocolate?
Use expensive materials
Lower the price
Give each buyer more hot chocolate
Use cheaper materials
iPhone X just came out and many people want it. What will happen to the price?
A new bakery comes to town. Now there are more options for a bakery. What will happen to the price?
For the market, Opal is selling brownies. Dyamonde is also selling brownies. What will happen to the price?
Halloween is almost here! The supply of candy is going down. What will happen to the price?
Extras that make life more enjoyable
want
need
producer
savings
goods naturally found on the earth
natural resources
supply
demand
services
money paid to the government through income, sales, and purchase of property
taxes
goods
scarcity
human resource
a good made in another country and brought into the United States
import
scarcity
supply
spending
A good made in the United States and sent to other countries
export
consumer
savings
taxes
not having enough
scarcity
supply
human resouce
taxes
The core problem in economics study is
Money
Scarcity
Production
Allocation
