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WorksheetsEconomic basics
Total questions: 20
Worksheet time: 10mins
The three key economic questions are:
What should be produced?
How to produce?
Who should we produce for?
How to produce?
How much do we make?
What is my profit?
Who should we produce for?
What is my profit?
What should we charge for the product?
How much do we produce?
Who should we produce for?
What is the tax?
What's the difference between macroeconomics and microeconomics?
Macroeconomics is the study of worldwide, national, or a region of economics while microeconomics is the study of individual market participants.
Macroeconomics is the study of industrialized country's economies while microeconomics is the study of emerging economies.
Macroeconomics studies the repeating patterns in economics while microeconomics studies one time anomalies.
Macro economics is the study of all of the world's economies while microeconomics is only the study of the US economy.
What is economics?
The study of a government's distribution of resources
The study of consumers' spending habits
The study of a society's allocation of resources
The study of buying and selling in the stock market
Scarcity can best be defined as
Scarcity can best be defined as
Where demand is greater than supply
Unlimited wants vs Limited resources
Limited wants vs unlimited resources
Which of the following resources would economists classify as “capital”?
Raw Bauxite in a South African mine
A hammer used in framing a house
A worker hired to repair engines
Trees used tomake paper
The major types of resources used to make a product are called
natural resources
factors of reduction
factors of production
capital resources
________ are decisions we all must make due to scarcity.
trade offs
scarcity
choice
incentive
want
need
want
need
want
need
want
need
want
need
want
need
A popular bakery has only a few ingredients left to make their products. They could bake muffins or cookies, but they can’t make both. The bakers decide to make cookies for their customers.
What is the opportunity cost of their decision?
muffins
cookies
Who is the father of economics?
John Adams
Thomas Jefferson
Adam Smith
George Washington
What is the name of the book that we read from this week on economic concepts?
Economic 101
Wealth and poverty in the economy
The Wealth of Nations
Nations and their decisions
Which of the following in NOT an example of Land resource
The Welch family has saved some money. They can spend it on a vacation to the Grand Canyon or build a swimming pool in their back yard. They decide to spend the money on a swimming pool.
What is the opportunity cost of their decision?
vacation
swimming pool
When I choose one item over another because I cant afford both, this is called an ...
scarcity
opportunity cost
choice
incentive
What is the fundamental problem of economics?
How to keep consumers out of debt?
How to fulfill our unlimited wants and needs with limited resources?
How to figure out the way to make the most money?
How do we ensure all people get a college education?
