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WorksheetsEconomics
Total questions: 38
Worksheet time: 26mins
Basic needs are things people need to (a) .
Unique needs are things that help people live a safe and (a) life.
Wants are things people (a) but don't need to survive.
Wants are (a) , meaning our wants will never be satisfied.
Which of the following is a basic need?
Ice-cream
Water
Video games
Candy
What are basic needs?
Things we want but don't need
Things that are nice to have
Things we can live without
Things we must have to survive
Which of the following is an example of a unique need?
Food
Shelter
Asthma puffer
Clothing
What is supply?
The number of items available for sale
The amount of money people have
The demand for a product
The price of a product
What is demand?
The number of items available for sale
The amount of money people have
The desire and ability to buy a product
The price of a product
What does scarcity mean?
Having an abundance of resources
Having limited resources to fulfill unlimited wants
Having equal distribution of resources
Having no resources at all
Which of the following is an example of a basic need?
Glasses
Crutches
Medicine
Shelter
Which of the following is an example of a want?
Air
Shelter
A bicycle
Clothing
What happens to the price of a product when demand increases?
It stays the same
It decreases
It fluctuates randomly
It increases
Identify the impact an increase in the price would have on demand for cupcakes
An increase in demand for cupcakes
A decrease in demand for cupcakes
An increase in the quantity demanded of cupcakes
A decrease in the quantity demanded of cupcakes
Identify the cause of an increase in demand for pancakes
An increase in advertising for pancakes
An increase in the cost of producing pancakes
Incomes of consumers decrease
Pancakes become less desirable
A drought has made this year's tomato harvest smaller than usual. What will probably happen to the overall supply of tomato sauce?
The supply will probably go up
The supply will probably go down
Last year, 150 000 people lived in the city of Darwin.
Since then, 8 000 people have moved away. What probably happened to the overall supply of houses for sale in Darwin?
The supply probably went up
The supply probably went down
In the 1970s, several countries in the Middle East decided to pump less oil from their oil wells. Oil is often made into gasoline. What happened to the world's overall supply of gasoline?
The supply went up
The supply went down
Long ago, all books were copied by hand. Making new copies was a lot of work and took a long time. But the invention of the printing press made copying books faster and easier. What happened to the overall supply of books after the printing press was invented?
The supply went up.
The supply went down
Weather forecasters predict this summer will be much hotter than usual. What will probably happen to the demand for air conditioners?
The demand will probably go up
The demand will probably go down
What happens if you have a rare Pokemon card and your friends really want that card? The supply of that card is low, while demand for it is high. What will happen to the price of the card?
The price will go up.
The price will go down.
The price will go up.
The price will go down.
What will happen to the price of T-Shirts if T-Shirt businesses now use machines that produce twice as many shirts in one hour?
The price will increase
The price will decarese
Which of these words BEST describes how popular a good (or item) is?
demand
supply
money
jobs
If you make 100 copies of an item, but nobody wants to buy it, what will you have to do to the price?
decrease it
increase it
nothing
What factor is most likely to cause an increase in demand for a new type of automobile?
A commercial in which the car is endorsed by a popular celebrity
A comedian making fun of the car on late-night TV
A rumor that the car's gas tank is prone to explosion
The price of the car going up
Which condition would lead to the highest prices?
Low supply,high demand
High supply, low demand
High supply, high demand
Low supply, low demand
When do we say that the market has "cleared?"
When consumers begin saving their money
When demand outpaces supply
When supply outpaces demand
When supply and demand balance out
What is likely to happen if the price of a new pair of sneakers went up?
Demand for the sneakers would increase
Demand for the sneakers would decrease
Merchants would begin offering sales on the sneakers
It would be impossible to find a pair in stores.
Why do prices go down when consumers start saving their money?
Consumers become less willing to spend money on goods and services
Manufacturers start producing fewer products
Demand for currency goes up as people begin saving
Demand for goods begins to outpace supply
Which of these is neither a good nor a service?
Petrol
A piano lesson
A meal at a restaurant
A $20 note
What might happen if the demand for a new type of sneaker began rising quickly?
A manufacturer would begin making fewer sneakers
The sneaker company would raise the price of the sneakers
People would refuse to pay more money for the sneakers
The sneaker company would lower the price of the sneakers
Which of the following is an example of a unique need?
Food
Water
Clothing
Glasses
