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Sectors of Economy

Total questions: 17

Worksheet time: 1hrs 25mins

Name
Class
Date
1.

Something you can use like paper, pizza, or a video game

a)

want

b)

need

c)

good

d)

serivce

2.

Something someone does for others like mowing grass, and teaching students.

a)

Good

b)

service

c)

need

d)

want

3.

Someone who uses goods and services like a customer in a grocery store.

a)

consumer

b)

producer

c)

supply

d)

demand

4.

Someone who provides a good or service like a farmer or doctor

a)

consumer

b)

producer

c)

demand

d)

supply

5.

How much of something people want to buy

a)

Supply

b)

surplus

c)

demand

d)

shortage

6.

If the demand of a product goes up, the price will go (a)   .

7.

If the demand of a product goes down the price will go (a)   .

8.

How much of something available to be bought

a)

demand

b)

shortage

c)

surplus

d)

supply

9.

If supply goes down, the price will go (a)   .

10.

If supply goes up, the price will go (a)   .

11.

How much something costs

a)

opportunity cost

b)

price

c)

demand

d)

supply

12.

The economy is the system of using resources, buying, and selling.

a)

True

b)

False

13.

My brother using his income to buy a laptop is an example of which economic sector?

a)

Banking

b)

Business

c)

Household

d)

Government

14.

My sister selling her labor, or work, to her job is an example of which economic sector?

a)

Government

b)

Households

c)

Banking

d)

Business

15.

Walmart selling goods and services is an example which economic sector?

a)

Banking

b)

Business

c)

Government

d)

Households

16.

Receiving a loan for goods is an example of which economic sector?

a)

Banking

b)

Business

c)

Households

d)

Government

17.

The use of taxes to provide public services to the public is used by which economic services?

a)

Business

b)

Government

c)

Banking

d)

Households