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WorksheetsPRIN BUS, MKT, & FIN - Fall 2021 Final Exam
Total questions: 80
Worksheet time: 45mins
Things available to be used to produce goods and services
goods
market price
demand
economic resources
Things that are required in order to live
needs
wants
chocolate
luxuries
Not having enough resources to satisfy every need
needs
wants
scarcity
luxuries
Person who buys and uses goods and services
consumer
producer
manager
entrepreneur
The first step in the economic decision-making process is to evaluate the advantages and disadvantages of each choice.
True
False
The means through which goods and services are produced are called
economic resources
needs
spending opportunities
economic choices
All of the following are capital resources EXCEPT
a pickup truck
a factory
a hammer
employees
____________ are essential, while ___________ just add to the quality of life.
Goods, services
Needs, wants
Products, services
Wants, needs
True or False?
Purchasing and consuming goods and services is how you satisfy your needs and wants.
True
False
Needs and wants are ______________, while our resources are _____________.
satisfied, unsatisfied
limited, unlimited
unlimited, limited
necessary, unnecessary
Which of the following is a capital resource?
Water
Labor
Buildings
Animals
Which of the following is NOT an economic resource?
Natural Resource
Capital Resource
Human Resource
Monetary Resource
True or False?
The basic economic problem is that we have unlimited needs and wants, but we have limited resources.
True
False
True or False?
Scarcity means not having enough resources to satisfy every need.
True
False
Limited Resources + Unlimited Wants =
Scarcity
Productivity
Opportunity Cost
Efficiency
Amber was shopping at the mall. She had $80 to spend. She found three items she liked: $75 for a pair of shoes, $70 for a jacket, and $62 for a dress. After shopping for a couple hours, she decided to borrow a pair of shoes from her cousin and to buy the jacket for $70. What was her opportunity cost?
Shoes
Jacket
Dress
Purse
Tom was shopping for a car. He has looked at a Ford, Honda, Toyota, and Dodge. After a lot of debate, he narrowed it down to either the Ford or the Honda. He selected the Ford, because he liked the interior a little better. What was his opportunity cost?
Ford
Honda
Toyota
Dodge
Human Resource
Capitol Resource
Natural Resource
Human Resource
Capitol Resource
Natural Resource
What are the 3 types of Economic Resources?
Clothing, Food and Water
Natural, Capital, and Human
Goods, Services, and Money
Water, Wood, Oil and rocks are all examples of what type of resource?
Natural
Capital
Human
Teachers, Farmers, and Builders are all examples of what type of resource?
Natural
Human
Capital
Tools, Money, Buildings, and Vehicles are all examples of what type of resource?
Human
Natural
Capital
What is an example of a Natural Resource?
Hammer
Oil
Teacher
Money
Football fans and sport commentators frequently argue over the strategies professional football teams use in drafting players. Some teams are looking for a player for a specific position, and when their turn comes, they draft the best available player at that position. Other teams simply draft the best player available regardless of position. These teams argue that by selecting the best possible player regardless of position, they can trade the player they draft now for a better player than they could draft for the desired position later.
What is the MOST scarce resource that professional teams have in the drafting process?
draft positions
the trades
the best players
money
Human wants are greater than the resources that are available to satisfy them.” This implies the need for
working harder.
asking for less.
leaving decisions to fate.
making choices to allocate resources.
These are the things we desire to have.
Wants
Goals
Opportunity Costs
Because of scarcity, people are forced to make _________ about how to use resources.
Choices
Opportunities
Houses
Desires
Procrastination is a decision making strategy in which a person does which of the following?
Let someone else make the decision
Consider every possible option
Delay making a decision
Pick the option with the lowest level of risk
Which step is the most important step in the decision making process?
Identifying the decision that needs to be made
Analyzing the situation
Making the decision
Reviewing the decision which was made
The opportunity cost of a good is
its price in dollars and cents.
the alternative goods not chosen.
the price of alternative goods not chosen.
none of the above
A trade-off is
a purchase in a marketplace.
an alternative that we sacrifice when we make a decision.
any good or service a consumer needs.
a factor of production.
Which one of these definitions best describe Opportunity Costs?
The cost of making one decision over another.
The cost for the opportunity to buy anything you want.
The opportunity to improve ones social status.
The time it will take to earn the income to purchase a good.
Scarcity means:
Too much of something you wanted
The exact amount of something you wanted
Not enough of something you wanted
If 5 people want an ice-cream, is there a scarcity?
Yes, there is a scarcity.
No, there is not a scarcity.
If 6 people want a pencil, is there a scarcity?
Yes, there is a scarcity.
No, there is not a scarcity.
What is an economic want?
Things people need in order to survive.
Things people would like to have.
Things people don't want anymore.
Why do all societies have to make decisions about how resources will be used?
People are greedy
There are not enough resources for those who want them
Resources are too expensive for most people
Because there is a huge gap between the rich and poor
Scarcity is defined as a limited supply of resources and...
limited wants for those resources
unlimited resources
limited resources
unlimited wants for available resources
Who is affected by the condition of scarcity?
The rich
Large economies
All societies
Producers (ie: businesses)
Which of the following is a strategy for responsible decision making?
Listing alternative decisions
Procrastination
Impulse decisions
Doing it on your own
Which of the following is NOT a step in the decision making process?
Seeking help every time
Gathering information
Defining the problem
Taking action
In my country, central planners decide when we should expand old factories and build new ones.
Traditional
Command
Market
Mixed
In my country my job is the same one that my family has done over the past 200 years.
Traditional
Command
Market
Mixed
In my country, the government controls the economy. It assigns jobs, sets production goals, and decides wages.
Traditional
Command
Market
Mixed
In my country, the government has some involvement in the economy.
Traditional
Command
Market
Mixed
In my country we have no need for money. By custom, some of us hunt, others farm, and we are all taken care of.
Traditional
Command
Market
Mixed
What are the 3 types of Economic Resources?
Clothing, Food and Water
Natural, Capital, and Human
Goods, Services, and Money
Water, Wood, Oil and rocks are all examples of what type of resource?
Natural
Capital
Human
Teachers, Farmers, and Builders are all examples of what type of resource?
Natural
Human
Capital
Tools, Money, Buildings, and Vehicles are all examples of what type of resource?
Human
Natural
Capital
What is an example of a Natural Resource?
Hammer
Oil
Teacher
Money
What is an example of a Capital Resource?
Car
Construction Worker
Water
Rocks and Minerals
What is an example of a Human Resource?
Water
Money
Truck
Doctor
What is a Capital Resource?
The people who do the work or labor.
The money that we use to buy things.
Things we can get from nature.
Goods made by people that are used to make other goods.
What is a Natural Resource?
Things we can get from nature.
Goods made by people that are used to make other goods.
The people who do the work or labor.
The money that we use to buy things.
What is a Human Resource?
Goods made by people that are used to make other goods.
Things we can get from nature.
The people who do the work or labor.
The money that we use to buy things.
____ your turn to answer the question.
It's
Its
The book was losing ____ pages.
it's
its
Other _____ school work, I have nothing left to do.
then
than
