Free Printable Economics Review

Worksheets

Economics Review

Total questions: 20

Worksheet time: 7mins

Name

Class

Date

Consumer

Individuals and businesses involved in the production of goods and services.

A good or service that is desired but which is not necessary for survival.

The human skills, as well as the physical and mental effort, used to produce goods and services. Examples include nurses, engineers, truck drivers, musicians and teachers.

A person or a group that is the final user of goods and services produced within an economy.

Demand

All activities undertaken for the purpose of producing, distributing and consuming goods and services in a region or country

The amount of a good or service that consumers are willing and able to purchase at a particular price and point in time.

The cost of a good or service we forgo (give up) when we choose another.

Used to produce goods and services that satisfy needs and wants. The four factors of production are land, labour, capital and enterprise.

Economy

The amount of a good or service that producers are willing and able to sell at a particular price and point in time.

The ability to combine land, labour and capital resources to create, plan and produce goods and services.

Human-made or manufactured objects that help produce goods and services. For example a secretary uses a computer; a bricklayer uses a trowel; a farmer uses a plough.

All activities undertaken for the purpose of producing, distributing and consuming goods and services in a region or country

What is a market economy?

Where everyone is equal

Consumers influence the types of goods and services

The government are involved with everything

Environment is important

In a capitalist society...

The government owns all the resources

The government make all the decisions

Decisions are made by the ungrateful cat

All resources are privately owned

In this type of economy, the people decide the supply, demand, and price.

Market

Traditional

Command

Mixed

This means that the government should not interfere in the marketplace.

Laissez Faire

Capitalism

Communism

Socialism

The amount of money a business makes after its expenses are paid

profit

supply

demand

scarcity

Competition and profit motive are important characteristics of a:

command economy

traditional economy

market economy

socialist economy

10.

A person who buys goods and services

consumer

entrepreneur

resource

currency

11.

another word for money

barter

economics

currency

price

12.

How much people want something

supply

demand

13.

The making, buying and selling of goods and services

economics

inflation

market

barter

14.

A person who comes up with a new idea for a product, and they actually make it and sell it.

resource

human resources

consumer

entrepreneur

15.

Increasing the money supply too quickly > currency loses value > prices increase

price

inflation

scarcity

demand

16.

The place where goods and services are exchanged

barter

currency

market

resource

17.

Something we use from nature

natural resource

human resource

capital resource

entrepreneur

18.

The idea that resources are limited

scarcity

supply

demand

inflation

19.

Government agency that monitors the economy and regulates interest rates.

Market economy

Comptroller

The Federal Reserve

The Supreme Court

20.

In this type of economy, all property is publicly owned and each person works and is paid according to their abilities and needs.

communism

capitalism

currency

barter

Reset

Economics Review

Total questions: 20

Worksheet time: 7mins

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