WorksheetsEconomics
Total questions: 20
Worksheet time: 14mins
What is something required for survival?
Need
Want
A Consumer Product
Inventory
What are things we would like to have?
Need
Want
Inventory
A consumer product
What is the study of how we make decisions in a world in which resources are limited? It is also the study of how things are made, bought, sold, and used?
Equilibrium MARKET PRICE
Microeconomics
Macroeconomics
Economics
What is the study of behavior and decision making of small units?
Economics
Macroeconomics
Microeconomics
Market Equilibrium Price
What is the study of the economy as a whole and decision making by large units?
Macroeconomics
Microeconomics
Market Equilibrium Price
Economics
What is a country’s way of producing the things its people want and need?
Market Equilibrium Price
Economic Systems
Economic Models
Economic Aggregation
What occurs whenever we do NOT have enough resources to produce all the things we would like to have?
A Surplus
Regional Inflation
Scarcity
Tax revenue decrease
What are the 3 choices based on scarcity?
What to produce?
For whom to produce?
When to produce?
How to produce?
Why produce?
What is the alternative you face if you decide to do one thing rather than another?
Opportunity Revenue
Trade-Off
Scarcity
Opportunity Cost
What is the cost of the next best use of your time/money when you choose to do one thing rather than another?
Opportunity Cost
Variable Cost
Marginal Cost
Fixed Cost
What are expenses that are the same no matter how many units of a good are produced?
Opportunity Cost
Fixed Cost
Variable Cost
Trade-Off
What are expenses that change with the number of items produced?
Opportunity Cost
Fixed Cost
Variable Cost
Trade-Off
What is the additional cost of producing one additional unit of output?
Total Cost
Marginal Cost
Total Revenue
Marginal Revenue
What is the change in total revenue or extra revenue that results from selling one more unit of output?
Total Cost
Marginal Cost
Total Revenue
Marginal Revenue
Prices are set by which 2 groups?
Producers
Suppliers
Consumers
Investors
What is the amount of a good or service that people(consumers) are willing and able to buy at various prices?
A Shortage
A Surplus
Supply
Demand
What is the amount of a good or service that producers are willing and able to sell at various prices during a given time period?
Supply
Demand
A Surplus
A Shortage
What are the factors that affect demand?
Consumer Preferences
A Change in Suppliers
Change in Consumer Income
The Number of Consumers
What are the factors that affect supply?
The Cost of Production
The Number of Consumers
Consumer Preferences
The Number of Suppliers
Name the roles of prices.
Price measures the value of services & goods
Prices send signals to consumers & producers
Prices help determine what to produce by influencing the decisions of producers
Prices affect how goods and services are produced
Prices determine for whom goods/services are produced
