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Economics: Walk of Life

Total questions: 20

Worksheet time: 7mins

Name
Class
Date
1.

Activities that can satisfy people's wants

a)

Goods

b)

Services

c)

Producer

2.

Required payments of money made to governments by people and businesses that are used to provide goods and services

a)

Economics

b)

Supply

c)

Taxes

3.

The study of production, consumption and distribution of goods and services.

a)

Economics

b)

Consumers

c)

Demand

4.

Things people like and desire.

a)

Needs

b)

Services

c)

Wants

5.

Things you must have to live.

a)

Resources

b)

Economic Systems

c)

Needs

6.

Things that can satisfy people's wants.

a)

Goods

b)

Human Resources

c)

Demand

7.

People who use resources to make goods and services.

a)

Consumers

b)

Producers

c)

Human Resources

8.

People who buy and/or use goods and services to satisfy wants.

a)

Producers

b)

Consumers

c)

Human Resources

9.

The amounts that consumers are able and willing to buy at all possible prices at a given time.

a)

Supply

b)

Goods

c)

Demand

10.

The amounts that producers are able and willing to sell at all possible prices at a given time.

a)

Demand

b)

Supply

c)

Goods

11.

The next best choice that you give up.

a)

Capital Resources

b)

Scarcity

c)

Opportunity Cost

12.

Things used to make goods and services.

a)

Natural Resources

b)

Human Resources

c)

Resources

13.

Gifts of nature used to make goods and services.

a)

Natural Resources

b)

Human Resources

c)

Resources

14.

Workers who make goods and provide services.

a)

Natural Resources

b)

Human Resources

c)

Resources

15.

Goods made and used to produce other goods and services.

a)

Capital Resources

b)

Human Resources

c)

Natural Resources

16.

The way a society organizes the production, consumption and distribution of goods and services.

a)

Economic Systems

b)

Scarcity

c)

Choice

17.

Places where buyers and sellers exchange goods and services for money.

a)

Opportunity Cost

b)

Markets

c)

Consumers

18.

When there is not enough for all who want it.

a)

Profit

b)

Opportunity Cost

c)

Scarcity

19.

The income a business makes after it pays its production costs.

a)

Profit

b)

Opportunity Cost

c)

Demand

20.

To make a decision

a)

Choice

b)

opportunity Cost

c)

Demand