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WorksheetsUnit 3 - Economics
Total questions: 43
Worksheet time: 24mins
People must make choices because of ____, or the idea that people want more things than they can have.
economy
goods
market
scarcity
Items that can be bought, sold, and traded are called ____.
economy
goods
market
scarcity
____ are tasks you pay someone to do for you.
Economy
Services
Market
Scarcity
The ____ is the system in which goods and services are bought and sold.
economy
services
market
scarcity
A place where buyers and sellers come together in called a(n) ____.
economy
goods
market
services
The total amount of a good or service that is available to buy is called ____.
demand
incentive
profit
supply
The total amount of a good or service that customers will buy is called ____.
demand
incentive
profit
supply
The amount of money earned by a business after costs are removed is called ____.
demand
incentive
profit
supply
A(n) ____ is something that leads a person to make a certain choice.
demand
incentive
profit
supply
Peter saved money in a bank. The money he saved earned ____.
interest
invest
Fixing a broken machine is a wise way a business can ____.
interest
invest
Some companies ____ in inventions that will help them compete with other companies.
interest
invest
Jamie put $20 in her savings account, but now she has $21. This is because of ____.
interest
invest
Many companies use machines to create ____.
natural resources
manufactured goods
Countries get ____ from the environment.
natural resources
manufactured goods
____ are produced in factories.
natural resources
manufactured goods
Oil is a ____ that can be found underground.
natural resources
manufactured goods
A car is a type of ____.
natural resources
manufactured goods
Why is this called a market?
It is outdoors
It has a lot of fruit
It is interesting to visit
It brings buyers and seller together
Why is this place part of an economy?
It has businesses
It has many people
It is run by farmers
It has common foods
Which of these is the women selling?
buyers
sellers
goods
services
The man is a part of the free market economy because he ____.
is providing a service
can only purchase fruit
is choosing to buy
can buy everything at the market
Which of the following people is earning money by providing a service?
Anthony grows fruit to sell
Laura sews stuffed animals
Carl sells lemonade he makes
Marie teaches a third grade class.
Which of the following will increase the profit at a lemonade stand?
using cheaper lemons
using more ingredients
selling during cold weather
giving glasses away for free
At Georgia's fruit stand, she sells apples. The ____ of apples is how many she has to sell.
buyer
demand
seller
supply
If you save money, you are ____.
setting it aside for later
using it on things you want now
inventing new machines
buying expensive toys
Money that you put in a savings account ____.
can be stolen
earns interest
is gone forever
is put in a piggy bank
Which of the following is a way that a business can use its money wisely?
It can use more expensive resources
It can buy machines to make goods
It can decide not to fix things that are broken
All of the above
Why do businesses spend money to invent things?
to save money for later
to put money in the bank
to help fix broken down machines
to make new and better goods to sell
Why do countries trade with each other?
to stay friendly
to get things they want and need
to pay for transportation
to make other countries rich
Why does the United States sell wheat and buy bananas?
The United States grows a lot of wheat but not many bananas
People like bananas more than they like wheat
Wheat costs more than bananas
Bananas cost more than wheat
How can businesses take part in global trade?
they can open factories in other countries
They can sell their goods to other countries
They can open up new stores in other countries
all of the above
Global trade often takes jobs away from richer countries. This is because poorer countries have ____.
higher prices
better quality
lower pay for workers
more natural resources
A new toy becomes very popular, and many people want it. How will the price of the toy change?
Price will go up
Price will go down
A new bakery moves into the neighborhood. Now there are many cookies that people can buy. How will the price of cookies change?
Price will go up
Price will go down
Cold weather in Florida kill many trees that grow oranges. How will the price of oranges change?
Price will go up
Price will go down
Julie sells hot chocolate during the winter. But this winter has been very warm. How will the price of hot chocolate change?
Price will go up
Price will go down
One company charges a high price to ship mail quickly. Soon many other companies start shipping mail just as quickly. How will the price of this service change?
Price will go up
Price will go down
Why does Aaron need to save money?
(a)
What is one benefit for Aaron to save money in a savings account?
(a)
One morning Aaron's tire pops. How will his savings help him fix this problem?
(a)
Which item do other countries buy from the United States?
wheat
bananas
diamonds
cars
Which items are natural resources?
wheat
bananas
diamonds
cars
