WorksheetsUnit 1 Economics Quiz
Total questions: 25
Worksheet time: 6hrs 15mins
Define Economics
How governments spend money
The study of how people satisfy needs and wants
The study of money
The study of how money is used
Define needs
Things that make our lives better
Things that make things easier
Things that help us live
Things we must have to survive
Which of the following is an example of a want
Water
House
New Car
Food
Define Scarcity
A limited amount of resources to meet unlimited wants and needs
A small amount of money
Not a lot of something
A lot of a certain thing
What are the three causes of scarcity
Personal Perspective, Lack of Money, Lack of Use for Product
Decrease in Demand, Personal Perspective, Lack of Money
Personal Perspective, Poor Distribution of Products, Increase of Demand
Increase of Demand, Good Distribution of Products, Personal Perspective
What is one of the ways to deal with Scarcity
Doing without something
Don't do anything and let scarcity happen
Create less resources
Make more money
Define Real Costs
How much money you spend
What you gain from something
The benefits of something
All resources used to produce a good or service
Define Trade Offs
When you choose between 2 possible uses for a resource
The resources used to produce a good or service
The Value of time, money, goods and services given up in a economic choice
Not using resources
Define Opportunity Costs
What you gain from a trade off
The value of time, money, goods, and services given up in an economic choice
How we make better use of our resources
Profit
Which of the following is NOT a good
Vaccum
Water Bottle
Mechanic
Tool
Which of the following is NOT a service
Teaching
NFL Quarterback
Mechanic
Water
What is 1 of the 4 basic economic questions
Who are the goods and services produced for?
Why produce them?
What produces them?
How much will it cost?
Define Resources
How much it costs to make goods
Materials that goods and services are made from
What you get out of goods and services
What credentials you need to get a certain job
Which of the following is NOT one of the three types of resources
Human
Natural
Artificial
Capital
Which of the following is a example of a traditional economy
Amish
China
America
England
Which of the following is an example of a common economy
Japan
America
China
Canada
Which of the following is an example of a free market economy
China
Russia
Amish
Japan
What is a mixed economy
A economy with different types of money
A old civilization
A country with lots of diversity
A economy that has a mix between 2 economies: ex a country that has traits of both free market and command economies
What are the 3 features of American Command Economy
Government regulation of some business practices, Government limits certain choices, Government provides aid to the needy
Government limits certain choices, I provide aid to the needy, I regulate business practices
I provide aid to the needy, I regulate business practices, I put limits on certain choices
Government provides for needy, Government limits certain choices, I regulate business practices
Define Economic Freedom in American Free Market Economy
No one has the right to choose
Government has the right to choose
Individuals have the right to choose
Government and Individuals have the right to choose
Define Competition in American Free Market Economy
Government is the producer of goods and services
No producer of goods or services
Only one producer of goods or services
More than one producer of goods/services insures choice
Define Private Property in American Free Market Economy
The people can't own their own property
No one owns property
Government owns all property
Individuals have the right to own their own property, including businesses
Define Self-Interest in American Free Market Economy
Individuals make decisions based on what's best for their government
Government makes decisions based on what is best for the government
Individuals make decisions based on what is best for them
Government makes decisions based on what's best for their people
Define Voluntary Exchange in American Free Market Economy
Individuals may freely buy and sell goods
Individuals can only buy and sell goods if the government allows them to
Individuals can only buy goods but can't sell them
Individuals can only buy goods if they come from the government
Define Profit Motive in American Free Market Economy
Individuals are forced by government to make profit
Individuals are driven by a desire to profit
Individuals don't have any drive because government gets the profit
Individuals are forced to make profit for the government
