WorksheetsIntroduction to Economics
Total questions: 15
Worksheet time: 13mins
The study of the economy as a whole...
Macroeconomics
Microeconomics
Economics
Supply and Demand
The study of behavior of individual households, firms, and governments...
Microeconomics
Macroeconomics
Economics
Personal Finance
Which type of economic system has the highest level of government control?
traditional economy
market economy
command economy
mixed economy
Economy in which people make economic decisions based on their group's customs and values. Not common today.
Traditional Economy
Market Economy
Command Economy
Mixed Economy
Individual consumers and producers make economic decisions based on the principles of freedom, competition, and profit.
Traditional Economy
Market Economy
Command Economy
Mixed Economy
TINSTAFL
There is no such thing as free lunch
There is no such thing as foreign loans
There is no such thing as freedom liabilities
There is no such thing as fiat legislation
Economics is the study of:
How people make money through business
How people start businesses
How people use scarce resources to satisfy their wants
How people divide objects into land, labor or capital
How do economic systems differ?
By the types of goods and services produced
By the level of government control
By the amount of money people make
By the number of consumers in the market
What is profit?
The money a company has left after subtracting its costs from its sales
The money earned by selling goods and services
The cost of making one more unit of a product
The price paid for using someone else's money
What is competition?
The desire to earn money
The struggle among producers for consumers' money
The act of concentrating on a limited number of goods and activities
The struggle among consumers for limited resources
