WorksheetsEconomics
Total questions: 51
Worksheet time: 39mins
Opportunity cost is:
your first choice you make
when a good is hard to find
something you give up to get something else
Resources that come from nature: water, soil, trees, coal, etc.
natural resources
scarcity
market
What is another word for a person who works to produce goods or provides services?
Human Resource
Natural Resource
Consumer
Capital Resource
Tom loaded his truck with vegetables to take to the local farmers' market. His truck was a..
Natural Resource
Capital Resource
Human Resource
Commercial Resource
What are capital resources?
water, land, sun
where the president lives
the machines needed to produce something
Which of the following is not a natural resource?
Water
Soil
Trees
Workers
Which of the following is an example of a capital resources?
sewing machine
police officer
cotton
trees
Which of the following is an example of a natural resource?
a computer
a police officer
sewing machine
cotton
Billy was trying to make a choice between a new game for his Wii or a new skateboard. He decided to use his money to buy a new game for his Wii. He had to give up the skateboard for the Wii game. The skateboard was his
scarcity
benefit
opportunity cost
What is an entrepreneur?
Someone who has set up their own business
Someone who is employed
Someone who doesn't work
Someone who works from home
What is a tax?
Money given to school
Money paid to government
Money earned by working
Taxes are used for ...
All are correct
Schools
Hospitals
Police
Why do we have currency (money).
To trade labor for goods and services.
To get super rich.
So we can trade currency (buy) for goods and services.
So we can make stuff and provide services.
Michael decides to open up a small mowing service. He takes his lawnmower around the neighbors and mows lawns for $30. Which best describes Michael?
Michael is a capital resource.
Michael is a natural resource.
Michael is an entrepreneur.
Michael is a competitor.
Which of the following is MOST LIKELY paid using tax money collected by the local government?
artist
car salesman
firefighter
president
Sally lives in Florida. She is visiting China. She goes to a restaurant and orders a drink. The drink costs $5.00, and she tries to pay for it with a ten-dollar bill. The owner will not take the ten-dollar bill. Why not?
China uses a different currency from the United States
The restaurant owner is mean
The drink costs more than $10
No form of currency is accepted in China
How are people in the United States able to buy fresh fruits and vegetables in the winter?
Stores buy fruit from other countries and then sell it in the United States
It is impossible to buy fruits and vegetables in the winter
Farmers in the United States ONLY grow fruit and vegetables that grow in the winter.
Our state government collects sales tax each time someone buys something in Georgia. These taxes are used to pay for____________.
a shopping mall to be built
schools to be built in Georgia
your house to be built
schools in China to be built
We are all protected by the military. This service is paid for ________________.
using money borrowed from Mexico
by the mayor in each local town
trading goods and services with the military
using tax money collected by citizens
Why do people trade?
To be popular
To make friends
To get things they need and want but do not have
To get things they already have
Person working to produce goods or services.
Capital resource
Human resource
Natural resource
A type of resource from nature used in goods and services
Capital resource
Natural resource
Human resource
A type of resource made by people and used to produce other goods or services
Natural resource
Capital resource
Human resource
What is an example of interdependence?
Trading Michigan apples for Florida Oranges
Sending cars to other states from Detroit
Bringing oranges in
Sending apples out
People who produce goods and services.
producer
consumer
market
What you give up when making a decision.
long term goal
opportunity cost
producer
Someone who buys or uses goods and services.
producer
services
consumer
Products that can be bought and sold.
producer
goods
services
Work that is done by others.
services
consumer
economics
The government collects this to help pay for community buildings, services, and workers.
needs
trade
taxes
scarcity
Tom loaded his truck with vegetables to take to the local farmers' market. His truck was a..
Natural Resource
Capital Resource
Human Resource
Commercial Resource
What are examples of natural resources?
water
trees
soil
all of the above
How are capital resources used?
they are used to create another good or service.
they are not used by everyone
they take too much work
they are only used for capital cities
Tools and machines used to do a job.
Entrepreneur
Natural Resource
Capital Resource
Human Resource
Humans doing a job or making things.
Natural Resource
Capital Resource
Human Resource
Entrepreneur
This type of resource is found in nature and is not man-made.
Capital Resource
Natural Resource
Human Resource
Entrepreneur
A person who starts their own business to provide jobs.
Entrepreneur
Capital Resource
Human Resource
Natural Resource
Which of these items is not a natural resource?
minerals
plants
animals
tractor
Which of the following is a natural resource?
sweaters
doctors
trees
lightbulbs
Which of the following is a human resource?
farmers
rocks
tractors
hammers
Water is an example of a ________ resource?
Natural
Human
Capital
Weather
What is the money governments take in called?
service
taxes
price
A girl can't buy both a party dress and a new pair of shoes. She decides to buy just the dress. What are the shoes?
interdependence
specialization
opportunity cost
barter
What are some examples of Human Resources?
Oil, water, plants
chef, teacher, construction worker
Machines, tools, buildings
Producers, consumers, taxes
Elizabeth has been saving up for a new bike. She has enough money to buy it, but her old bike still works just fine. What is Elizabeth's opportunity cost if she decides to go ahead and buy the new bike?
Elizabeth will have a new bike
Elizabeth will have two bikes
Elizabeth will have more money than she did before buying her new bike
Elizabeth will have a smaller savings
