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WorksheetsEconomics Review
Total questions: 31
Worksheet time: 20mins
Farmers grow crops to sell. Farmers are __________.
consumers
producers
When their is a limited amount of resources available
Supply
Command Economy
Opportunity Cost
Scarcity
The benefit you give up by choosing to do one thing instead of another
Opportunity Cost
Profit
Scarcity
Producers
Which of the following is an example of the effects of competition in the economy?
The price of oranges goes up when Florida has a drought.
Shoppers have to pay sales tax on all items they buy
Retired people receive payments from the government.
A small hardware store closes when a large Home Depot store opens nearby.
Which of the following describes an entrepreneur?
A person who is hired to work in a factory.
A person who organizes, operates, and assumes the risk of creating a business
A person who organizes loans the money to a new business just getting started.
A person who invests in businesses to make money.
Why would a person be willing to risk losing money in starting a new business?
the person makes bad financial decisions
The person does not care if he or she loses money
The business is guaranteed to make money
The person believes the business has a greater chance of succeeding than failing.
Tom grows vegetables and sells them to the local neighbors. They have always liked Tom's vegetables, but a new grocery store opened around the corner. The store sells vegetables too, and many of Tom's neighbors shop there instead. This means that the demand of Tom's vegetables has gone down.
True
False
What is income?
a way to keep track of your money
the money you make for doing a job
the money you spend
What is the purpose of a budget?
to keep track of how much you spend and save
to make an income
to have expenses
to spend more money
Opportunity cost is ____________________.
the value of what is given up when a choice is made
a prize
the money you earn from a job
A student chooses to watch Netflix instead of Disney Plus. What is the opportunity cost?
Netflix
Disney Plus
Which of the following is an example of the effects of competition in the economy?
A gas station goes out of business because of a fire.
A gas station raises its prices because of an oil shortage.
A gas station lowers its prices when the price of oil goes down.
A gas station lowers its prices when a new gas station opens up next door.
Wendy's specialization is __________________.
shoes
clothes
hamburgers
ice cream
Nike's specialization is ____________.
hamburgers
shoes
chicken nuggets
ice cream
The total amount of a product that producers are willing to make and sell at a certain price is ____________.
supply
demand
producer
consumer
What is the amount of product that consumers are willing and able to buy at a certain price?
supply
producer
demand
consumer
Being dependent on one another.
dependence
independence
interdependence
