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WorksheetsEconomics 1.4
Total questions: 10
Worksheet time: 10mins
The basic economic problem arises because:
Wants are unlimited and the means of satisfying them are relatively scarce
Various countries have different types of economies
Different people have quite different needs
Human behaviour is unpredictable
The four factors of production are:
Wages, social welfare, interest and commission
Wages, rent, interest and profit
Land, capital, labour and entrepreneurship
Land, labour, consumption and enterprise
Using the Production table what is the opportunity cost of making 3 boats
8 Cars
3 Boats
12 Cars
2 Boats
SELECT ALL: Which of these is an example of a scarce resource?
Land
Spaceships
Chairs
Money
This is an example of an economic model called a______________
Production Possibilities Curve
Supply & Demand
Laffer Curve
Circular Flow Model
Economists use models to simplify complicated real-world situations and demonstrate relationships between values.
True
False
Points B, D, and C represent __________ use of resources
Efficient
Inefficient
Unfeasible
Impossible
What is the Production Possibility Curve?
The opportunity one has to give up in order to gain something else
land, labor, capital, entrepreneurs
how much money something is
a graph that shows how much an economy can prooduce between 2 goods
What is Opportunity Cost?
the opportunity one has to give up in order to gain something else
Land, labor, capital, and entrepreneurs
a graph that shows how much an economy can produce between two goods
how much money something is
An Incentive is:
the option to select or make a decision when faced with two or more possibilities
a circumstance that contributes to a result or outcome
a benefit or cost that influences a person's decision
a conclusion or resolution reached after consideration
