Worksheetseconomics
Total questions: 28
Worksheet time: 1hrs 24mins
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RESOURCES are Limited and HUMAN WANTS are Unlimited which results in Scarcity which means people must make Choices In order to answer the questions:
What goods will be produced?
How will the goods and services be produced?
Why will goods and services will be produced?
Who will consume the goods and services
A want is
something we must have to live
something we would like to have
What is it called when you give one thing to get something else?
switch
trade
Choose a service.
walking the dog
shoes
An example of a Natural Resource is
Water is a ____________________.
Want
Need
But RESORCES are ___________ and HUMAN WANTS are ___________
Limited
Millions
Unlimited
One
Labor refers to...
people with all their efforts and abilities
individuals who start a new business or bring a product to market.
the tools, equipment, and factories used in production of goods and services.
The "gifts of nature" or natural resources not created by human effort.
What are things people grow or make?
goods
services
Look at the picture. Is this a good or a service ?
Good
Service
Which picture shows someone performing a service?
If Mr. M goes shopping and wants to buy two items - a cellphone and a TV - but only buys the TV and leaves the cell phone at the store - the cell phone is considered as a....
free cost
opportunity cost
Look at the picture. Is this a good or a service ?
good
service
When you get money you should spend it all right away.
Yes
No
The definition of Scarcity is...
An unlimited amount of resources to meet limited wants and needs
a city where individuals commit themselves to unlimited wants and needs
A limited amount of resources to meet unlimited wants and needs.
When people use time and energy to create events
Capital refers to...
The "gifts of nature" or natural resources not created by human effort.
people with all their efforts and abilities
the tools, equipment, and factories used in production of goods and services
individuals who start a new business or bring a product to market.
When there is not enough of something, it is ______
scarce
plenty
Where are goods and services sold?
they are free
a market or store
Entrepreneurs are...
people with all their efforts and abilities
individuals who start a new business or bring a product to market.
The "gifts of nature" or natural resources not created by human effort.
the tools, equipment, and factories used in production of goods and services
Which picture below shows an example of a good?
True or False: Economics is the study of decision-making and the consumption, production, and transfer of wealth
True
False
Look at the picture. Is this a good or a service ?
Good
Service
Is the barber providing a good or service?
good
service
Sometimes we can not have all we want. Then we have to make a _____.
question
choice
Look at the picture. Is this a good or a service ?
good
service
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