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Unit 5- Economics Key Terms

Total questions: 37

Worksheet time: 33mins

Name
Class
Date
1.
The definition of Scarcity is...
a)
An unlimited amount of resources to meet limited wants and needs
b)
A limited amount of resources to meet unlimited wants and needs.
c)
When people use time and energy to create events
d)
a city where individuals commit themselves to unlimited wants and needs
2.
Which of these is NOT an example of a need?
a)
Water
b)
Food
c)
watch
d)
Shelter
3.
Economics is the study of how people seek to satisfy their needs and wants by making choices.
a)
True
b)
False
4.
What is the fundamental problem of economics? 
a)
How to keep consumers out of debt?
b)
How to fulfill our unlimited wants and needs with limited resources?
c)
How to figure out the way to make the most money?
d)
How do we ensure all people get a college education?
5.

things purchased by consumers

a)

goods

b)

consumer

c)

producer

d)

supply

6.

A person who purchases a good or service

a)

consumer

b)

taxes

c)

supply

d)

good

7.

goods naturally found on the earth

a)

natural resources

b)

supply

c)

demand

d)

services

8.
A _____________ is a person who starts a business.
a)
Teacher
b)
Entrepreneur
c)
Actor
d)
Student
9.
The resources required to make a product (good or service)
a)
economics
b)
consumption
c)
four factors of production
d)
scarcity
10.
If the supply of a good is higher than the demand, what happens to the price?
a)
It stays the same
b)
Price goes down
c)
Price goes up
d)
It's FREE!!
11.
An increase in competition would have what effect on price?
a)
Price goes up
b)
Price stays the same
c)
Price goes down
d)
It explodes
12.
If there is no competition in your market, how would that impact your business?
a)
You could charge more for your product
b)
You would make more
c)
You would hire more employees
d)
You would charge less for your product
13.
What is consumption?
a)
How a good is moved
b)
How a good is created
c)
How a good is used
d)
How a good is destroyed
14.
New technology that increases the speed of production would have what impact on the prices of goods?
a)
Prices would lower
b)
Prices would increase
c)
Prices would stay the same
d)
Business would close
15.

The buildings, machines, and tools that companies use to make products

a)

capital resources

b)

human resources

c)

natural resources

d)

entrepreneurs

16.
A person who buys goods and services
a)
consumer
b)
entrepreneur
c)
resource
d)
currency
17.

Increasing the money supply too quickly > currency loses value > prices increase

a)
price
b)
inflation
c)
scarcity
d)
demand
18.
Something we use from nature
a)
natural resource
b)
human resource
c)
capital resource
d)
entrepreneur
19.
The amount of money we pay for a good or service
a)
currency
b)

equilibrium price

c)
inflation
d)
economics
20.
Which two groups of people are represented in the circular flow model?
a)
Buyers and Sellers
b)
Producers and Consumers
c)
Government and Private Individuals
d)
Households and Businesses
21.

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?

a)

fishing with a friend

b)

going to a concert

22.

when a group of people form a business or organization and have rights and liabilities separate from the individuals involved

a)

Corporation

b)

Shareholder

c)

Asset

d)

Liability

23.
Which of the following is a service?
a)
car
b)
shoes
c)
teacher
d)
computer
24.
A buy one get one free sale at a shoe store is an example of what economic concept?
a)
incentive
b)
profit
c)
choice
d)
opportunity cost
25.

What is a Proprietorship?

a)

Business owned by president

b)

Business owned by several companies

c)

Business owned by one person

d)

Business owned by a company

26.
In the U.S. Economy prices are determined by _________ ________as buyers and sellers interact in the marketplace.
a)
production
b)
supply and demand
c)
supply
d)
demand
27.

These are your earnings after all expenses have been paid.

Income-Expenses =

a)
Scarcity
b)
Competition
c)
Profit
d)
Choice
28.
Name the characteristic. Consists of earnings after all expenses have been paid.
a)
free markets
b)
competition
c)
profit
d)
consumer sovereignty
29.

To start a partnership business, what should be the minimum number of partners?

a)

2

b)

10

c)

4

d)

20

30.

A person who is associated with starting a business is know as

a)

Merchant

b)

Entrepreneur

c)

Salesman

d)

Businessman

31.

When Banks keep your money in a savings account

a)

They pay you interest

b)

You pay them interest

32.

The attached pictures are all examples of...

a)

Coins

b)

Federal Reserve Notes

c)

Legal contracts

d)

Government issued checks

33.

Private financial institutions include (check ALL that apply):

a)

Federal Reserve

b)

Savings & Loans

c)

Credit Unions

d)

Loans "R" Us

e)

Banks

34.
The primary role of the Federal Reserve Bank is to steer the economy by
a)
controlling the budget
b)
setting spending levels.
c)
controlling the money supply.
d)
loaning out money.
35.
What is the name of our nation's central bank?
a)
The Federal Reserve
b)
The United States National Bank
c)
The National Bank of the United States
d)
Bank of America
36.
Name the characteristic.  Consumers determine through purchases, what goods and services will be produced.
a)
free markets
b)
profit
c)
competition
d)
consumer sovereignty
37.

Every level of government requires revenue (money coming in) to pay for goods and services. Where does the money come from?

a)

the government

b)

taxes

c)

your grandma

d)

Bill Gates

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