WorksheetsWhat is the Economy?
Total questions: 28
Worksheet time: 30mins
Fill in the blanks with the words below (write the numbers in the square).
The economy is how the _________ (1) of an area are ________________ (2), ________________ (3) and _______________ (4) .
delivered
produced
resources
used
Select the objects which are needs.
Explain what is a need.
What is a service?
It's an actual product which you can buy or sell.
It's someone who makes something.
It's someone who buys something.
It's a thing that other people do for you.
What is a good?
It's an actual product which you can buy or sell.
It's someone who makes something.
It's someone who buys something.
It's a thing that other people do for you.
What is a consumer?
It's an actual product which you can buy or sell.
It's someone who makes something.
It's someone who buys something.
It's a thing that other people do for you.
What is a producer?
It's an actual product which you can buy or sell.
It's someone who makes something.
It's someone who buys something.
It's a thing that other people do for you.
Write numbers in the squares.
There are two main types of economy : __________ (1) economy and ____________ (2) economy.
Consumer
Trade off
Market
Command
A market economy is when
there is a system of free enterprise: producers can decide what to produce, the price of their goods or services, and how much items they will produce.
there is a system where the government decides what the producers will make, the price of the goods, and how much items they will produce.
there is a system of free enterprises where consumers decide what the producers will make and how much they will pay to buy products and services.
There is a system of free enterprises where the producers choose what and how much they will produce but the Government sets the prices.
A command economy is when
there is a system of free enterprise: producers can decide what to produce, the price of their goods or services, and how much items they will produce.
there is a system where the government decides what the producers will make, the price of the goods, and how much items they will produce.
there is a system of free enterprises where consumers decide what the producers will make and how much they will pay to buy products and services.
There is a system of free enterprises where the producers choose what and how much they will produce but the Government sets the prices.
A command economy is when
there is a system of free enterprise: producers can decide what to produce, the price of their goods or services, and how much items they will produce.
there is a system where the government decides what the producers will make, the price of the goods, and how much items they will produce.
there is a system of free enterprises where consumers decide what the producers will make and how much they will pay to buy products and services.
There is a system of free enterprises where the producers choose what and how much they will produce but the Government sets the prices.
In a free enterprise system there are many items of the same objects available to buy. Consumers need to...
make a reasoned choice of which one to buy.
make a choice of which one to buy.
buy them all.
leave them all.
What is a trade off?
It's when you choose to buy two items you like.
It's when you choose not to buy anything.
It's when you don't need to make a choice.
It's when you choose to buy one item and to leave the other behind.
Resources used to make goods or services can be (Choose all those which applies)
military resources
human resources
foreign resources
capital resources
Which resource is missing from the choices to answer question 14?
What kind of resource is the one to which the green arrow points to?
Write an example of capital resource.
The iron which is used to make a steal pole is a
Natural resource
Human resource
Capital resource
Happy Resource
A farm where they raise cattle belongs to the
agricultural sector
mining sector
construction sector
manufacturing sector
service sector
A cave where they extract iron belongs to the
agricultural sector
mining sector
construction sector
manufacturing sector
service sector
A librarian belongs to the
agricultural sector
mining sector
construction sector
manufacturing sector
service sector
A toy car is built in a building that belongs to the
agricultural sector
mining sector
construction sector
manufacturing sector
service sector
A man placing windows in a house belongs to the
agricultural sector
mining sector
construction sector
manufacturing sector
service sector
What is the role of the Government in the economy in a free market country?
It has to decise what factories need to produce.
It has to decide the price of privare goods and services.
It has to set laws that help the economy to run smoothly.
It needs to make sure private property does not exist.
What is private property?
It's the things that belong to us: land, buildings, goods.
It's the people who belong in our families.
It's all the goods made by the Government.
It's the Human Resources of a factory.
The Government takes part in the economy as a
producer.
consumer,
both a producer and a consumer.
neither a producer or a consumer.
Give an example of when the Government is a producer.
Give an example of the Government as a producer.
