WorksheetsEconomics Unit 1
Total questions: 20
Worksheet time: 17mins
What type of economic system did Adam Smith support?
a free market system
mixed economic system
planned economic system
A philosophy that calls for very little or no government involvement in the economy.
Industrial Capitalist
Economics
Supply and Demand
Laissez-Faire
Adam Smith’s Wealth of Nations stressed the importance of
tradition
supply and demand
large corporations
government ownership
Capital refers to...
The "gifts of nature" or natural resources not created by human effort.
people with all their efforts and abilities
the tools, equipment, and factories used in production of goods and services
individuals who start a new business or bring a product to market.
Labor refers to...
people with all their efforts and abilities
individuals who start a new business or bring a product to market.
the tools, equipment, and factories used in production of goods and services.
The "gifts of nature" or natural resources not created by human effort.
Entrepreneurs are...
people with all their efforts and abilities
individuals who start a new business or bring a product to market.
The "gifts of nature" or natural resources not created by human effort.
the tools, equipment, and factories used in production of goods and services
A herd of cattle is an example of ...
Land
Labor
Entrepreneur
Capital
A bulldozer is an example of...
Labor
Land
Entrepreneur
Capital
A product or service is scarce when ...
The amount available can satisfy the demands of society
Its price far exceeds the value of the item.
The amount available is not enough to meet the demands of society
One company is responsible for producing the product.
The definition of Scarcity is...
An unlimited amount of resources to meet limited wants and needs
a city where individuals commit themselves to unlimited wants and needs
A limited amount of resources to meet unlimited wants and needs.
When people use time and energy to create events
Which economic system does the government make all economic decisions and owns most of the property - it is sometimes called communism?
Traditional
Command
Market
Mixed
Which economic system are all resources privately owned and the buyers and sellers answer the three economic questions?
Traditional
Command
Market
Mixed
Which of the following economic systems allows citizens full freedom in choosing a career and workplace?
Capitalism
Fascism
Socialism
Communism
Government owns all major industries, but private property exists as well
Traditional
Captialism
Socialism
Communism
No private property
Traditional
Captialism
Socialism
Communism
