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WorksheetsEconomics
Total questions: 35
Worksheet time: 19mins
What are good?
activities that satisfy needs and wants
things people make or use to satisfy their needs
money that you have to pay back
the study of how we use money
What are services?
Activities that satisfy needs and wants
paper bills, checks, coins
water, soil, wood, and coal
things people make or use to satisfy their needs
What is a consumer?
a person who saves money
a person who makes goods and services
a person who uses goods and services
a person who owns a business
What is a producers?
a person who makes goods and services
a person that uses goods and services
a person who buys things
a person who saves money
Can people have everything they want?
Absolutely. People never have to make choices.
No. People must make choices.
What is opportunity cost?
money that is paid to the government
the total amount of things that a group can produce
a tax on goods and services
What you give up to get what you want
What does it means when a good is scarce?
when there is an unlimited amount of a thing
when there is not enough of the things you want
when there is a tax on a good
when you can't buy a good with money
Which CHOICES are examples of money?
paper bills
checks
coins
What are 2 synonyms for barter?
trade
share
steal
exchange
Why do people save money?
Nobody saves money
to buy something in the future
Which CHOICES are examples of natural resources?
water
farmers
soil
pencils
Which CHOICES are examples of human resources?
cars
computers
waitresses
teachers
Which CHOICES are examples of capital resources?
painters
cars
hammers
coal
What is specialization?
rivalry between two companies
when a person only buys one good
when a person cannot produce a good or service on their own
when people focus on a product or service
Why do people who specialize have to depend on others?
people need other goods and services they can't produce on their own
they don't make enough money
they have to save money
What is economic choice?
being forced to buy certain products
depending on others to make a good or service
when you choose between products or services that you need or want
What is supply and demand?
buying whatever you want
products are made depending on the need or wants of the consumers
giving up something to get what you want
someone who makes goods or services
What is competition?
a free market
buying goods and services
a rivalry between two or more companies
a business making products
The U.S has what type of economy?
command economy
free market
What are taxes?
money that the government gives to businesses
money that is paid to the government
money that you have to pay back
What is sales tax?
a tax you can buy
paying back money you own
a tax on a good you buy
What is division of labor?
everyone does the same job
when people can't find a job
the amount of hours a person works
different workers doing different parts of a job
What is a surplus?
when a product is hard to find
When a product is cheap
When a product is easy to find
the cost of a product
What is supply?
the amount of things that exist
the amount of products that people are willing to buy
when a product is easy to find
when a product is hard to find
What is demand?
a product that is hard to find
a product that is easy to find
the amount of products being produced
the amount of products that people are willing to buy
What is an employer?
a person who needs to hire someone
someone who works for someone else
someone who takes a risk
What is an employee?
someone who starts a business
someone who needs to hire someone
someone who works for an employer
What is a Entrepreneur?
someone who takes a risk to starts a business
someone who works for an employer
tools needed for making things
the total amount of things that a group of people can produce
What is productive capacity?
the total amount of things that a group of people can produce
something that can be used in a business
tools needed to make something
What is a resource?
Something that can be used in a business (tools, cars, people)
the total amount of things that a group of people can produce
What is a capital good
something that can be used in a business
limited amount of money that someone earns for their work
tools needed to make things (tractors, cars, computers)
the work someone does
What is income
a plan for how much money someone will spend
limited amount of money that someone earns for their work
What is a budget?
limited amount of money that someone earns for their work
looking for items that are similar to one that you want to buy
a plan for how much money will be spent on each type of item that a person must buy
What is comparison shopping?
shopping for the most expensive items
looking for items that are similar to one that you want to buy
a plan for how much money will be spent on an item
What is labor?
the work that someone does
someone who hires people
buying products
