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WorksheetsEconomics Review
Total questions: 26
Worksheet time: 45mins
Which is a need?
Which is a want?
What is the difference between a want and a need?
A want is more important than a need
A need is more important than a want
You can never buy things you want, only things you need
You can never buy things you need, only things you want.
Which of these is an example of a good?
a laptop
an apple
a backpack
all of the above
Which of these is NOT an example of a service?
babysitting
mowing the lawn
a vase of flowers
fixing your computer
Which of these examples is a service?
Mr. Farr sells guitars.
Mr. Swenson gives art supplies to consumers.
Coach provides lessons for different sports.
Ms. Miller writes books.
What is supply?
the amount of an item you have
how many people want your good/service
the money you have left over after you paid your bills
none of these
Jenny has hundreds of stuffed animals to sell. The stuffed animals are considered the _________.
supply
demand
buyer
seller
What is demand?
the amount of an item you have
how many people want your good/service
the money you have left over after you paid your bills
none of these
iPhone X just came out and many people want it. What will happen to the price?
A new bakery comes to town. Now there are more options for a bakery. What will happen to the prices at the bakeries?
Halloween is almost here! The supply of candy is going down and candy is hard to find. What will happen to the price?
Exchanging one good or service for something else is called
produce
trade
import
export
Trading one good or service for another without money is called
trade
services
barter
scarcity
_______________ is when you don't have enough of the thing you need.
trade
barter
scarcity
When a country sends or sells its goods to another country it ___________ them.
imports
exports
donates
Bringing in goods or services from another is country
exports
imports
donates
The United States sells airplane parts to the country of Kenya. This is an example of an ______________
import
export
donation
The United States buys coffee beans from Brazil. This is an
______________.
export
import
TRUE or FALSE?
A need is something we cannot live without.
TRUE or FALSE?
A want is something we would like to have but could easily live without.
Where would heavy, warm clothing be a true need?
nowhere
everywhere
in a town with a cold, snowy climate
in a very big city with a sunny climate
Which reason BEST explains why some Tennessee farmers specialize in growing soybeans instead of pineapples?
They have the right kind of land to grow soybeans.
They already have enough pineapples.
They like soybeans more than they like pineapples.
They use all of their soybeans themselves.
Which describes an import?
medical supplies made in Tennessee and sold in Mexico
Tennessee buys these from other countries
Tennessee sells to other countries
Which describes and export?
Tennessee buys these from other countries
Appliances made in China and sold in Tennessee are examples
Medical supplies made in Tennessee and sold in Mexico are examples
How have Tennessee imports changed from 2010 to 2017?
Imports increased from $48 billion to $79 billion.
Imports increased from $33 billion to $79 billion.
Imports decreased from $79 billion to $48 billion.
Imports increased from $26 billion to $33 billion.
