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Business Essentials 2.02

Total questions: 38

Worksheet time: 23mins

Name
Class
Date
1.
The using up of a resource
a)
scarcity
b)
supply
c)
services
d)
consumption
2.
How much people want something
a)
supply
b)
demand
3.
The making, buying and selling of goods and services
a)
economics
b)
inflation
c)
market
d)
barter
4.

What do we call all of the resources required to make a product (good or service)?

a)

economics

b)

consumption

c)

four factors of production

d)

scarcity

5.
Something we pay for that we can touch
a)
goods
b)
services
6.
People who work to make goods or provide services
a)
human resources
b)
capital resources
c)
natural resources
d)
entrepreneurs
7.
Something we use from nature
a)
natural resource
b)
human resource
c)
capital resource
d)
entrepreneur
8.
The amount of money we pay for a good or service
a)
currency
b)
price
c)
inflation
d)
economics
9.

Something we pay to use for a certain amount of time

a)

services

b)

goods

10.

things purchased by consumers

a)

goods

b)

consumer

c)

producer

d)

supply

11.

A person who provides a good or service

a)

producer

b)

need

c)

want

d)

consumer

12.

A person who purchases a good or service

a)

consumer

b)

taxes

c)

supply

d)

good

13.

Basic things humans need to survive

a)

need

b)

want

c)

import

d)

demand

14.

The amount available

a)

supply

b)

demand

c)

import

d)

natural resource

15.
What is the definition of economics?
a)
The study of human behavior and attitudes
b)
The study of past events and the impact they have had on people
c)
The study of political and social interactions
d)
The study of the production and distribution of goods and services
16.

The amount of money a business makes after its expenses are paid

a)

profit

b)

supply

c)

demand

d)

scarcity

17.
House: Goods or Service?
a)
Goods
b)
Service
18.
Doctor: Goods or Service?
a)
Goods
b)
Service
19.
What is a need?
a)
Nothing
b)
Something you have to have to live
c)
Something you would like to have
d)
Ice cream
20.
What is a want?
a)
A person
b)
Something you would like to have but don't need to live
c)
Purple
d)
Something you need to live
21.
Trying to satisfy unlimited wants with limited resources defines _____ and is the fundamental problem of economics.
a)
scarcity
b)
needs
c)
wants
d)
microeconomics
22.
The thing that you give up (the next best alternative) when you make a decision is known as
a)
Opportunity Cost
b)
Scarcity
c)
Incentive
d)
Choice
23.
How will scarcity of a capital good impact price?
a)
Price would go up
b)
Price would go down
c)
Price would stay the same
d)
You wouldn't sell any
24.
Which of these jobs is involved in production?
a)
Secretary
b)
Factory worker
c)
Truck driver
d)
Zoo keeper
25.
Quantity means
a)
best item
b)
the amount
26.

The amount of a good or service that consumers are willing and able to buy at a certain price is called...

a)

Supply

b)

Demand

c)

Choice

d)

Incentive

27.

The term for the combination of resources to make goods or provide services is

a)

Consumption

b)

Opportunity Cost

c)

Production

d)

Scarcity

28.

The inability to satisfy all wants at the same time because resources and goods are limited is called...

a)

Choice

b)

Scarcity

c)

Supply

d)

Demand

29.

The using of goods and services.

a)

Production

b)

Supply

c)

Consumption

d)

Demand

30.

_______________________ is the point where supply and demand meet. Everyone who wants to sell at that price can sell. Everyone who wants to buy at that price can buy.

a)

Opportunity cost

b)

Supply

c)

Equilibrium price

d)

Production

31.

Consumption is using goods and services. Consumer preferences and ____________ determines what is produced and consumed

a)

Incentives

b)

Price

c)

Factors of Production

d)

Resources

32.

There are 4 _______________. They are land, labor, capital and entrepreneurship.

a)

Factors of Production

b)

Market Economy

c)

Profit

d)

Economics

33.

The four factors of production.

a)

Machines, Money, Oil, Plastic

b)

money, big cars, money, diamond rings

c)

Natural Resources, Labor, Capital, Entrepreneurship

34.
What is the best example of scarcity
a)
The restuarant is not crowded tonight 
b)
The school parking lot only has 150 spaces but 200 students want to park there
c)
There are 500 houses in the subdivision and 250 of them are occupied
d)
A person decided to dye her hair blonde instead of red
35.
You buy a chair on craigslist for $10. You then discover that this is a special chair you could sell for $100, you decide to keep the chair anyway. What is the opportunity cost?
a)
$10
b)
$90
c)
$100
d)
$110
36.
The factor of production that includes the physical land and resources that come directly from the earth.
a)
Land
b)
Labor
c)
Capital
d)
Entrepreneurship 
37.

A student must decide between going to the movies with friends or staying home and studying for a final exam. She chooses to stay home and study. Which economic concept describes going to the movies in this scenario?

a)

Comparative Advantage

b)

Equilibrium Point

c)

Income Effect

d)

Opportunity Cost

38.

Which of the following is true?

a)

Needs, wants, and resources are all unlimited

b)

Needs and wants are unlimited but resources are limited

c)

Needs and wants are limited but resources are unlimited

d)

Needs, wants, and resources are all limited

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