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Economy Review

Total questions: 17

Worksheet time: 9mins

Name
Class
Date
1.

A farmer provides _______ such as vegetables for the consumer to buy.

a)

services

b)

goods

c)

consumer

d)

producer

2.

Supply is how much of something is

a)

available

b)

wanted

c)

needed

d)

cheap

3.

_________ is how much of something people want.

a)

supply

b)

demand

c)

services

d)

import

4.

A product that is made for people to buy and use

a)

a good

b)

a service

5.

Which is an example of a good?

a)

mowing the lawn

b)

shoes

c)

a dentist

6.

Which of these is an example of a service?

a)

Pencil

b)

Soccer ball

c)

Car

d)

Collecting Trash

7.

The system of how money is made and used

a)

price

b)

Supply

c)

Demand

d)

economy

8.

Which of the following is not a natural resource?

a)

Water

b)

Soil

c)

Trees

d)

Cars

9.

Due to the frost in Florida the orange crops froze and the farmers lost half of their oranges that they had to sell. The farmers market is next week and lots of people want oranges. What would they do to the price of the oranges next weeks at the market?

a)

Make the price higher

b)

Make the price lower

10.

What happens to the price of something when the demand is low.

a)

The price goes up

b)

The price goes down

c)

The price stays the same

d)

Its free

11.

In December in Ohio, the price for beach towels and sunscreen goes down. What is the reason for this?

a)

People are going to the beach

b)

The demand is low

c)

The demand is high

d)

People don't like the beach

12.

Which is not an example of a service?

a)

Helping a parent with chores

b)

Cleaning up the park

c)

Buying fruit at the grocery story

d)

Mowing my neighbors grass

13.

What is a good?

a)

something you can touch or feel

b)

something you can see only

c)

a feeling

d)

a person

14.

All of these affect prices of a good or service except

a)

supply

b)

demand

c)

buildings

d)

location

15.

Clothing

a)

Good

b)

Service

16.

Barber

a)

Good

b)

Service

17.

Gasoline

a)

Good

b)

Service