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Economics | Lesson 1 | What is Economics?

Total questions: 46

Worksheet time: 23mins

Name
Class
Date
1.

Which of the following is considered a need?

a)

Food

b)

Television

c)

The iPhone 11

d)

A car

2.

Which word means there is a very limited number of something?

a)

Good

b)

Scarcity

c)

Service

d)

Budget

3.

What is a system used to distribute resources to meet people's wants and needs?

a)

demoncracy

b)

revenue

c)

economy

d)

money

4.
The natural, human, and capital resources used to produce goods and services.
a)
Capital Resources
b)
Human Resources
c)
Productive Resources
d)
Natural Resources
5.
Production assets such as equipment, inventory, machinery, trucks, or the building
a)
Goods
b)
Entrepreneurs
c)
Natural Resources
d)
Capital Resources
6.
The set of individuals who make up the workforce of an organization or business.
a)
Natural Resources
b)
Opportunity Coat
c)
Capital Resources
d)
Human Resources
7.
Resources and materials found in their natural form in the environment.
a)
Natural Resources
b)
Opportunity Coat
c)
Capital Resources
d)
Human Resources
8.
TANGIBLE items that result from productions. EX: pants, cars, pencils
a)
Income
b)
Goods
c)
Goods & Services
d)
Services
9.
Non-physical results of production and must be consumed. EX: dentist, barber, teacher
a)
Services
b)
Goods
c)
Consumer
d)
Income
10.
Things that people want or need.
a)
Income
b)
Goods
c)
Goods & Services
d)
Services
11.
The study of how productive resources are used to provide the goods and services that satisfy the human wants.
a)
Economics
b)
Geography
c)
Producer
d)
Capital Resources
12.
The condition of not being able to have all of the goods and/or services you want.
a)
Trade
b)
Opportunity Cost
c)
Scarcity
d)
Natural Resources
13.

Which of these is NOT an economic need?

a)

food

b)

water

c)

love

d)

clothing

14.

The type of economy in which the government has all the control is called a

a)

traditional economy

b)

mixed economy

c)

markey economy

d)

command economy

15.

Which of these is NOT an example of a good?

a)

trucks

b)

houses

c)

auto repairs

d)

computers

16.

All of the following are examples of natural resources EXCEPT

a)

land

b)

water

c)

gold

d)

paper

17.

Scarcity occurs when everyone has enough resources to meet their needs and wants.

a)

True

b)

False

18.

Which type of economic system did humans use first?

a)

Command economy

b)

Market economy

c)

Mixed economy

d)

Traditional economy

19.

Which type of economy does the United States have today?

a)

Command economy

b)

Market economy

c)

Traditional economy

d)

Mixed economy

20.

Which type of economy is driven completely by supply and demand and competition?

a)

Command economy

b)

Market economy

c)

Traditional economy

d)

Mixed economy

21.

Which of the following is NOT an example of capital?

a)

labor

b)

delivery truck

c)

office supplies

d)

factory building

22.

Define scarcity

a)

Society not having enough resources

b)

Society having enough resources

23.

The Three Fundamental Questions in Economics

a)

What to produce?

b)

Where to produce?

c)

How to produce?

d)

Why to produce?

e)

For whom to produce?

24.

Economics is the study of how society makes _______________

a)

Choices

b)

Graphs

c)

Money

d)

News

25.

What three economic questions are asked when studying the similarities of traditional, command, market, and mixed economies among nations of the world?

a)

What to produce, why to produce, when to produce?

b)

What is your opportunity cost, what economic resources are needed, why should these resources be used?

c)

What is produced, how is it produced, and for whom is it produced?

d)

What is your opportunity cost, why are economic resources needed, when should these resources be used?

26.
What type of economic system is based on customs and beliefs?
a)
Market
b)
Mixed
c)
Traditional
d)
command
27.

The economic system of communist countries is most closely related to which of the following:

a)

Command

b)

Market

c)

Traditional

d)

Mixed

28.

An economic system that allows individuals to start businesses, but still has government regulations is

a)

Traditional

b)

Market

c)

Command

d)

Mixed

29.
Who or what answers the basic economic questions in a mixed economy?
a)
Individuals and Businesses
b)
Government
c)
Custom
d)
Individuals, Businesses, and Government
30.
Who or what answers the basic economic questions in a free market economy?
a)
Individuals and Businesses
b)
Government
c)
Custom
d)
Individuals, Businesses, and Government
31.

In my country we have no need for money. By custom, some of us hunt, others farm, and we are all taken care of.

a)

Traditional

b)

Command

c)

Market

d)

Mixed

32.
The four types of economic systems are: 
a)
Traditional, Command, Mixed, & Market
b)
Traditional, Command, Combined, & Market
c)
Communism, Capitalism, Free Market, and Macroeconomics
d)
Microeconomics, Macroeconomics, Individual, and Traditional.
33.

Which of the following is an economic system in which economic decisions are made according to tradition & culture?

a)

Market economy

b)

Command economy

c)

Traditional economy

d)

Mixed economy

34.

What is an economic system where only the government makes the economic decisions?

a)

traditional economy

b)

free enterprise

c)

mixed economy

d)

command economy

35.

Which of the following is an economic system in which the government and people are used to decide how to use scarce resources?

a)

Market economy

b)

Command economy

c)

Traditional economy

d)

Mixed economy

36.

,In my country, the government tells me where to work.

a)

Traditional

b)

Command

c)

Market

d)

Mixed

37.

In a command economy, who holds power over the economy?

a)

The people

b)

The government

c)

Beyonce

d)

The traditions of your ancesetors

38.
True or False: A service is something that someone else does for you, or provides you.
a)
true
b)
false
39.

You purchase a game to give as a birthday gift

a)

Good

b)

Service

40.

This type of resource is found in nature and is not man-made.

a)

Capital Resource

b)

Natural Resource

c)

Human Resource

d)

Entrepreneur

41.

Man-made tools and machines used to do a job are called

a)

Entrepreneur

b)

Natural Resource

c)

Capital Resource

d)

Human Resource

42.

The workers needed to do a job or make something are called

a)

Natural Resources

b)

Capital Resources

c)

Human Resources

d)

Entrepreneurs

43.

Which is a human resource a restaurant owner may need?

a)

waiter

b)

food

c)

dishes

d)

cash register

44.

Which item is not a capital resource a teacher would use?

a)

computer

b)

desk

c)

paper

d)

lawnmower

45.

Which of these items is not a natural resource?

a)

minerals

b)

plants

c)

animals

d)

tractor

46.

Capital resources include all but one of the examples below...

a)

buildings

b)

water

c)

machines

d)

tools

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