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1.1 Basic Economic Concepts

Total questions: 16

Worksheet time: 9mins

Name
Class
Date
1.

(a)   is the study of resources, its utilization and how decesions are made to satisfy unlimited wants with limited resources

2.

Basic necessities of life are called

a)

wants

b)

resources

c)

capital

d)

needs

3.

The basic economic problem is

a)

scarcity

b)

wants

c)

Lunch

d)

book

4.

Select example of needs from below

a)

Food

b)

Water

c)

iphone

d)

shelter

5.

Things we desire to have are called

a)

Needs

b)

Wants

c)

Resources

d)

Phone

6.

Which one of the following is a type of resource

a)

Economics

b)

Scarcity

c)

Natural resource

d)

Wants

7.

(a)   are the inputs required to produce output

8.

Select the types of resources from below

a)

Non renewable resources

b)

Natural resources

c)

Human resources

d)

Manufactured resources

9.

Selection between two or more commodities are called

a)

Opportunity cost

b)

Choice

c)

Scarcity

d)

Alternative use of resources

10.

Oil is an example of

a)

Renewable resources

b)

Non renewable resources

c)

Human resources

d)

Capital

11.

Next best desired alternative forgone is called

a)

Choice

b)

Book

c)

Want

d)

Opportunity cost

12.

consumption is

a)

producing goods and services

b)

using natural resources

c)

use of goods and services to satisfy our wants

d)

wasting resources

13.

Physical and tangible things you buy are called

a)

services

b)

wants

c)

goods

d)

needs

14.

any place where buyers and sellers come together with potential of transaction is

a)

Market

b)

House

c)

Economy

d)

Speaker corner

15.

Demand is created by

a)

Suppliers

b)

Consumers

c)

Producers

d)

No one

16.

how much of a good or service market can offer at a given price at a given period of time is called

a)

Demand

b)

Supply

c)

Consumers

d)

Market