WorksheetsUnit 1 Study Guide
Total questions: 20
Worksheet time: 2hrs 37mins
What is economics?
Factors involving societal status
Factors involving emotion
Factors dealing with happiness
Knowledge dealing with the production and consumption of wealth
Knowledge dealing with health
What is wealth?
Money or riches
Power
Respect
Power and Respect
What is a want?
a need
something you wish for or desire
a want
something you require for survival
What is a need?
A want
Something necessary for happiness
A necessity for the stock market
Something necessary for survival
Can things be both a want AND a need?
Yes
No
What is a good?
Something that satisfies wants and needs
Something that neglects wants and needs
A service
A way to determine success
What is a service?
Ways that you can neglect business
Ways that you can form bonds
Ways that you can support businesses
Ways you can destroy bonds
What are resources?
Things used to support wants and needs
Things used to support goods and services
Things used to support love and happiness
Things used to create the four factors of production
The four factors of production are
Entrepreneurship or enterprise is another way of saying starting a
(a)
Profit is another way of saying making
(a)
Select 4 examples of a good of the 5 choices below
Clothes
Shoes
Oil Change
Video Games
Baseball Cards
Select 4 examples of a service of the 5 choices below
Firefighter
Paperclips
Car Wash
Teacher
Landscaper
Capital can be described as
Natural resources
Starting a business
People that work
Buildings, machinery, and tools
4 Examples of capital resources are
Hammers, drills, screwdrivers, bulldozers
Air, Water, Earth, Fire, Heart
Tax brokers, Sports analysts, Musicians, Writers
Youtube, Fishing, Roller skating, Hunting
Bartering means to
Bargain or Trade
Buy something with money
Check off all renewable resources
Solar energy
Hydro(water) energy
Trees
Wind
Animals
Check off all nonrenewable resources
Oil
Coal
Nuclear energy
Gas
Water
Microeconomics is
The part of economics concerned with single factors and the effects of individual decisions.
Tiny economics
Particle economics
Atom Economics
Macroeconomics is
The part of economics concerned with large-scale or general economic factors, such as interest rates and national productivity.
An item
A unit
A parcel
