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WorksheetsFundamental Economics
Total questions: 18
Worksheet time: 10mins
What is a barter system?
Farmers provide goods and services to markets.
People exchange the products or labor skills they have for those they want.
When a store give you a discount don't the goods you purchase.
When you don't have money to purchase goods and services.
The cost of eggs are at an all time high. This is because chicken had a virus and eggs were thrown out. There are not enough eggs to service communities. What is this an example of _____
Swine flue
lack of goods and services
price increase
scarcity
Goods are products made to be sold. Which of the following is NOT a type of good?
hair brushes
cell phone
Working as a cashier at a store
meat
A new CVS opened in a new neighborhood, a few months later a Walgreens was opened across from the CVS. This is an example of ____
competition
thriving business
good business
providing a service to consumers
Walmart, Amazon, and Microsoft are examples of _____?
an economy
A monopoly
competition
a market
Wood, oil, gas, land and water are examples of a ______ ______
natural resources
goods for sale
services for sales
the study of the buying, making, and selling of goods and services
good
economics
scarcity
Which one is an example of a good?
a nurse
shoes
a firefighter
a teacher
After work, Kevin drives to the local market for groceries.
Satisfies a Need
Satisfies a Want
A producer wants to....
supply goods while charging the lowest price
buy goods while paying the lowest price
supply goods while charging the highest price
buy goods while paying the highest price
When a good is scarce, it means that ______.
nobody is interested in buying it
it is cheap and easy to make
demand drops while supplies rise
it is hard to find and likely to cost more
When inflation happens, ______.
The prices of goods go down
The value of money goes up
The prices of goods go up
The cost of living decreases
During a period of recession, ______.
the economy grows and shrinks over time
the economy slows or shrinks
the economy grows very quickly
the economy does not change
As the price of a good rises, the demand of it falls, and as the price falls, te demand rises. What is this principle known as?
The Law of Economics
The Law of Goods and Services
The Law of Producers and Consumers
The Law of Supply and Demand
Emily's Grocery store has a problem with homeless individuals standing outside of her store; it is affecting her business in a negative way. What is this an example of?
Microeconomics
Minieconomics
Macroeconomics
economics
People who buy goods and services?
Scarcity
Monopoly
Profit
Consumers
Americans Airlines flight attendants and pilots went on strike; hundreds of flights had to be re-routed or re-scheduled. This resulted in business losses in major countries. What is this an example of?
consumers and producers
Macroeconomics
supply and demands
microeconomics
The people who work who work in an office or factory are the ______ of a business
timekeepers
consumers
labor
producers
