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WorksheetsBasic Economics
Total questions: 34
Worksheet time: 20mins
The problem of unlimited desires and limited resources is the problem of
wants
marginal benefit
scarcity
free enterprise
What is an entrepreneur
the exchange of goods or services
a person who starts a new business hoping to make a profit
the work that people do when producing goods or services
a type of business
Natural resources are
something found in nature that satisfies our wants and needs (like a tree cut down for timber)
the amount of goods and services people are willing to buy at a specific time
the work that people do in nature
making goods or service
Human Resources are
makes goods or service
the amount of goods and services people are willing to buy at a specific time
found in people, like their skills and ideas
the work that people do when producing goods or services
When you have INCOME, you have
money that you earned (used to buy a good or service)
money that you have given away to others
money that you have place in the bank
None of above
Labor is
the work that people do when producing goods or services
just like supply and demand
the amount of goods or services available to sell at a given time
the amount of goods and services people are willing to buy at a specific time
Water, shelter, and food are all examples of -
needs
wants
Who is noted as being the "founding father" of capitalism, as seen in his book The Wealth of Nations?
John Maynard
David Ricardo
Karl Marx
Adam Smith
The Circular Flow model of economies connects...
Command, Market, and Traditional Economies
Supply, Demand, and Competition
Households, Businesses, and Government
Trade Offs, Opportunity Costs, and Scarcity
Define Shortage
more people want an item than is available for purchase
more items available for sale than people want to purchase
Define Surplus
more items available for sale than people want to purchase
more people want an item than is available for purchase
The table shows the production possibilities for a country. Based on the table, which of the following production combinations is a possibility?
28 pizzas and 5 pairs of shoes
3 pairs of shoes and 23 pizzas
2 pairs of shoes and 20 pizzas
4 pairs of shoes and 15 pizzas
When individuals work for businesses, what resource are they providing?
Capital
Labor
Loans
Raw materials
When individuals work for businesses, what do they get in return?
Capital
Labor
Income
Raw materials
What model shows how products, resources, and money flow in the economy?
Circular flow model
aggregate model
GDP output expenditure model
the Cobb-Douglas production function
In what market do businesses sell goods and services to households?
Product Market
Factor Market
Resource Market
None of the above
In what market are the factors of production bought and sold?
Product Market
Resource Market (AKA- Factor Market)
In a free market economy who owns the resources?
state governments
the federal government
households
local governments
