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WorksheetsEconomics
Total questions: 37
Worksheet time: 3hrs 5mins
The person who is buying the products in the marketplace.
Opportunity Cost
Producer
Consumer
Scarcity
The person who is selling the product in the marketplace.
Opportunity Cost
Producer
Consumer
Budget
What does benefit mean?
a good thing you get from a decision
decisions made from scarcity
What is scarcity?
the amount of money made by a business
When there is not enough of something and demand is higher than supply
What is a trade?
the act of exchanging one thing for another, buying and selling goods and services
when there is not enough of something demand is higher that supply
In this type of economy, the people decide the supply, demand, and price.
Market
Traditional
Command
Mixed
Echo went to the pet store with $8.00. He could either buy a new water dish or some crickets. He decided to buy the water dish. What is Echo's opportunity cost?
water dish
crickets
$8.00
$16.00
What is a MARKETPLACE?
The amount of something that is available.
Someone who prepares or makes goods and services.
Items you buy such as clothes, food, and toys.
An open place where sales are held.
Kelly sells Barb a friendship bracelet she made. The FRIENDSHIP BRACELET is an example of...
a service
a good
a consumer
a producer
Kelly sells Barb a friendship bracelet she made. KELLY is an example of...
a service
a good
a consumer
a producer
Kelly sells Barb a friendship bracelet she made. BARB is an example of...
a service
a good
a consumer
a producer
What does a baby sitter provide ?
good
service
What does a farmer provide?
good
service
What does a coach provide?
good
service
The amount of something you have to sell:
budget
supply
demand
capital
The amount of something the customers want:
capital
services
demand
supply
At Christmas time, the Switch was so popular, that you couldn't find it in any stores. This is an example of:
consumer
scarcity
opportunity cost
service
Opportunity cost is:
your first choice you make
when a good is hard to find
something you give up to get something else
How goods, services and money are traded back and forth:
consumer
economics
opportunity cost
scarcity
A person who buys a product or service:
producer
consumer
economics
scarcity
Which of these will increase profit at a lemonade stand?
using cheaper lemons
using more ingredients
selling during cold weather
giving glasses away for free
What is a budget?
a plan for how to use money
a place where you can save money
a list of goods you need to buy
a type of work that earns money
Which of the following people are providing a service?
Thor grows fruit to sell.
Mrs. Ochoa teaches a third grade class.
The Hulk sells stuffed animals.
Spiderman sells lemonade he makes.
Suppose you are a buyer in a market. What do you want?
high prices and good quality
low prices and good quality
low prices and poor quality
high prices and poor quality
A new toy becomes popular and many people want it. How will the price of the toy change?
price will go up
price will go down
Julie sells hot chocolate during the winter. But this winter has been very warm. How will the price of the hot chocolate change?
price will go up
price will go down
You are part of a free market economy because
you are providing a service
you can only purchase fruit
you can buy everything at the market
you can choose what you want to buy
Why do people trade?
To get things they already have
To make friends
To get things they need and want but do not have
To be popular
People working to produce goods and services.
Identify the word that is being defined.
Producers
Natural resources
human resources
capital resources
What are the benefits of specialization Choose three
Becoming better at doing one thing
Becoming self-sufficient
Only having to focus on a certain good.
Being able to produce everything
Being faster and more efficient
Examples:
A bakery making doughnuts
An architect drawing a house
A hairdresser
What are these examples of?
opportunity cost
interdependence
economic choice
specialization
