Font size
WorksheetsEconomics Ch. 1-3 Study Guide
Total questions: 16
Worksheet time: 9mins
Describe the difference between a want and a need:
want: something you do need to survive (ex: TV or phone)
need: something you need to survive (ex: food, clothing, shelter)
want and need
none of the above
What are the four factors of production?
land and labor
capital and enterpreneurship
all of the above
none of the above
What is a trade off?
the alternative people give up when making a choice
trading goods
decision making
sacrificing something that is yours
How would you describe a want?
People have unlimited wants that are ever changing
Food
Shelter
Money
A producer who makes goods or provides services is callled a what?
Maker
Producer
Merchant
Sales person
To be successful entrepreneur requires a willingness to take…?
Safe routes
Challenges
Risks
Plans
The way society uses scarce resources to satisfy its people’s unlimited wants is called an economic…
Plan
Government
Class
System
Producers and consumers drive the economy of a…?
Market economic system
Government
System
People’s decisions
Government officials deciding the distribution of all resources is a feature of a...?
Command economy
Demanding economy
Planned economy
Unorganized economy
With voluntary exchange, a buyer and seller agree to do business together...?
Mutual benefit for others
For the mutual benefit of both
Mutual benefit for oneself
None of the above
In a market economy, the real power in the market place is held by the...
Consumer
Producer
Crafter
President
A society that has public schools and ownership of private property has elements of both…?
All of the above
Command systems
Economic systems
None of the above
A market failure occurs when people who are not part of a marketplace interaction...?
Benefit from others
Benefit from oneself
Benefit from it
None of the above
Public goods are funded by…?
Taxes collected by the government
Taxes collected from the people
None of the above
Both
A person who does not pay for a service but benefits from it is called a(n)...?
The people
Tax collecter
Free rider
None of the above
Government programs that protect people from economic hardship are called...
Security
Public safety nets
Military
None of the above
