WorksheetsEconomic Terms
Total questions: 20
Worksheet time: 10mins
What is economics?
The study of how to consume goods
The study of who gets what
The study of how to distribute goods
The study of how to produce goods
What does it mean to produce?
To consume
To make
To specialize
To distribute
What does it mean to distribute?
To deliver
To produce
To specialize
To consume
What does it mean to consume?
To specialize
To distribute
To produce
To use
What are goods?
How much consumers want something
How much there is of something
Actions to meet a need
Things
What are services?
Things
How much there is of something
Actions to meet a need
How much consumers want something
What does supply refer to?
Not enough of something
How much consumers want something
How much there is of something
Too much of something
What does demand refer to?
Not enough of something
How much consumers want something
How much there is of something
Too much of something
What does surplus mean?
How much there is of something
Not enough of something
Too much of something
How much consumers want something
What does scarcity mean?
How much consumers want something
How much there is of something
Too much of something
Not enough of something
What is labor?
Work
An idea to start a business
A way that buyers and sellers meet
Things found in nature
What is an entrepreneur?
A person who has an idea and starts a business
Work
An organization that provides a good or service
Things found in nature
What is a market?
Any way that buyers and sellers meet
Work
Things found in nature
An organization that provides a good or service
What are natural resources?
Things made from raw materials
How much there is of something
How much consumers want something
Things found in nature that people value
What are raw materials?
How much there is of something
Things found in nature that people value
How much consumers want something
Things from nature that do not have value--yet
My country has lots of forests. Many of the people here work as lumberjacks. We export lots of timber (wood) to other countries. This is an example of what?
Specialization
Scarcity
Entrepreneur
Market
Raw materials go to a factory and get turned into what?
Labor
Manufactured Goods
Economics
Demand
The total value of everything a person owns.
Wealth
Money
Labor
Supply
How much people are willing to pay for something at a given time in a given place.
Wealth
Money
Value
Goods
A carrier (symbol or representation) of value. People agree to its value and use it to exchange things.
Wealth
Money
Business
Labor
