WorksheetsS3 Economics
Total questions: 26
Worksheet time: 16mins
________ uses tax revenue from individuals and businesses to provide public goods and services.
Individuals
Government
Businesses
Private Financial Institutions
What do economists mean by the term "scarcity"?
Having too few or too little of resources
Having too many resources
Having just enough resources
Having the correct amount of resources
Which choice best describes the economic problem of scarcity in the world?
People have limited wants there is an unlimited amount of resources.
People have unlimited wants but there is a limited amount of resources
People have no wants so resources don't matter
These productive resources are raw materials that come from nature or the earth that people use to make goods.
Natural Resources
Human Resources
Capital Resources
Which of the following are examples of goods?
Apples, Computers, Clothing
Firemen, Police Officers, Soldiers
Health, Love, Friendship
Which of the following are examples of services?
Apples, Computers, Clothing
Firemen, Police Officers, Soldiers
Health, Love, Friendship
things purchased by consumers
goods
consumer
producer
supply
A person who purchases a good or service
consumer
taxes
supply
good
Basic things humans need to survive
need
want
import
demand
how much of a good or service consumers want
demand
spending
producer
scarcity
The amount available
supply
demand
import
natural resource
services provided by people
human resource
import
scarcity
consumer
not having enough
scarcity
supply
human resouce
taxes
______________ resources are people working to produce goods or provide services.
Capital
Human
Natural
Manufactured
The good or service that you give up when you make an economic choice is called _____________________.
opportunity cost
economic choice
economic interdependence
economic specialization
The choice between two goods or services is known as ___________________.
scarcity
opportunity cost
economic choice
economic specialization
The term used when there is not enough of something to go around is __________________.
scarcity
economic choices
resources
opportunity cost
What type of resources are these?
capital
natural
nautical
human
Extras that make life more enjoyable
need
want
savings
not being able to meet all wants at the same time
demand
supply
scarcity
What is supply?
the amount of an item you have
how many people want your good/service
the money you have left over after you paid your bills
What is demand?
the amount of an item you have
how many people want your good/service
the money you have left over after you paid your bills
