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WorksheetsEconomics Final
Total questions: 32
Worksheet time: 57mins
Scarcity means:
Too much of something you wanted
The exact amount of something you wanted
Not enough of something you wanted
What is an economic want?
Things people need in order to survive.
Things people would like to have.
Things people don't want anymore.
If 5 people want an ice-cream, is there a scarcity?
Yes, there is a scarcity.
No, there is not a scarcity.
If 3 people want a candy bar, is there a scarcity?
Yes, there is a scarcity.
No, there is not a scarcity.
Which is a need?
Pop
Coffee
Water
Gatorade
Air, shelter, and food are all examples of ______________
needs
wants
Which of these explains a want, not a need?
Shelter: If you don't have this you could possibly die in cold weather
Chocolate: People like to eat this as a sweet treat, some may think it's delicious.
Protein: This is important for having good health. It provides valuable nutrients.
Clothes: You wear these to stay warm and out of jail.
What might be some good reasons that a computer is a need and not a want? (Pick 2)
To check Facebook
To do work for a job
To do homework
To play games on the internet
To watch Netflix
Which type of economic system bases its decisions on custom?
Market
Command
Mixed
Traditional
Which type of economy is controlled by the government?
Market
Command
Mixed
Traditional
Which type of economy is run by the businesses and business owners with no government involvement?
Market
Command
Mixed
Traditional
Which type of economy would most likely have a dictator?
Market
Command
Mixed
Traditional
What type of economy does the United States have?
Command
Traditional
Mixed
Market
Which type of economy involves trading, and doesn't usually use money?
Market
Command
Mixed
Traditional
If the government makes me produce 70 T-Shirts, what economic system is this?
Market
Command
Mixed
Traditional
Government regulates certain industries.
Market
Command
Mixed
Traditional
My father was a fisherman, I am a fisherman and my son will be a fisherman.
Market
Command
Mixed
Traditional
In a command economy, which group tends to hold the most control?
Government
Businesses
Citizens
Corporations
In a command economy, who keeps all of the profits?
Government
Citizens
Businesses
None of the above
In a market economy, the citizens and "who else" act in self-interest.
Government
Businesses
Universities
All of the above
In this economy you might see part of two very different types of economies.
Free Market
Command
Traditional
Mixed
Which condition would lead to the highest prices?
Low supply, high demand
High supply, high demand
High supply, low demand
Low supply, low demand
What is opportunity cost?
the value of the next best option that is not selected when a choice is made.
there is not enough of it.
things people make to earn money.
actions people do to earn money.
Michael has been invited by a friend to go fishing on Friday. His parents are going to a concert. Michael chooses to go fishing with his friend. What is his opportunity cost?
fishing with a friend
going to a concert
Jason has been asked by his son to go ride 4-wheelers this weekend. His boss has asked him to work overtime and get paid double. Jason chooses to go ride 4-wheelers with his son. What is his opportunity cost?
ride 4-wheelers with his son
work overtime for his boss
Lydia brought a salad for lunch today. Michelle is ordering pizza and asks Lydia is she would like to order. Lydia decides to eat her salad, what is her opportunity cost?
salad
pizza
