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WorksheetsBasic Econ G11 JPE
Total questions: 20
Worksheet time: 10mins
What are things we would like to have?
Need
Want
Inventory
A consumer product
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 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 are the factors that affect demand?
Consumer Preferences
A Change in Suppliers
Change in Consumer Income
The Number of Consumers
People or businesses that make and sell goods or services.
consumers
producers
principal
superintendent
People or businesses that buy or consume goods or services.
consumers
producers
principal
superintendent
Many people want the latest video game. That means there is a big ……….
Supply
Demand
Product
What is the meaning of NEEDS?
items you must have to survive
an item you would like to have
something you think you need, but is not essential for survival
What is the meaning of WANTS?
items you must have to survive
an item you would like to have
food, water, shelter
14. Most people in a developing country work in which level of industry?
Secondary (manufacturing)
Tertiary (selling)
Primary (agriculture)
Quarter (1/4 a dollar)
15. What type of economic sector is this?
tertiary
secondary
primary
quarternary
17. There is a big concert event in your town and everyone wants to go. There is a ____________ of tickets.
cost
supply
demand
scarcity
Which country is not an example of a command economy?
U.S.
Iran
North Korea
Cuba
What kind of shift is this?
Increase
Decrease
What kind of shift in demand is seen in this diagram?
Decrease
Increase
When the price of the XBox goes up the demand for the Playstation decreases. What is the relationship between these two products?
No relationship
complementary goods
Substitute
Price changes cause a movement along the curve. What do we call this when the price falls?
A decrease in demand
An increase in demand
A contraction of demand
An extension of demand
Price changes cause a movement along the curve. What do we call this when the price goes up?
A decrease in demand
An increase in demand
A contraction of demand
An extension of demand
A ......... of demand causes a shift of demand. Fill in the blank.
determinant
fall
increase
movement
