WorksheetsAll 29 vocab Words
Total questions: 29
Worksheet time: 15mins
Name
Class
Date
1.
A need is something you can't live without
a)
True
b)
False
2.
Having a luxury car is something we would like to have but could live without it. This is an example of a
a)
Need
b)
Want
c)
Resource
d)
Demand
3.
What is a demand?
a)
The amount producers are willing and able to make
b)
The amount consumers are willing and able to buy
c)
A heavy water-proof cloth, generally of tough canvas
d)
A fictional horse-like creature depicted with a horn and hooves
4.
As one of the factors of production, this term means all the humans that work to produce goods and services
a)
Workers
b)
Capital
c)
Labor
d)
Scarcity
5.
The term used when there is not enough of something to go around is __________________.
a)
Economic Choices
b)
Opportunity cost
c)
Resources
d)
Scarcity
6.
In a local market, the amount of fruits available for sale is called?
a)
Supply
b)
Demand
c)
Producer
d)
Consumer
7.
In a mixed economy you would have...
a)
An economy solely controlled by the government
b)
An economy that features one or more of the economic systems
c)
An economic system in which social roles and culture determine how goods are made, sold, and bought
8.
The good or service that you give up when you make an economic choice is called _____________________.
a)
Opportunity Cost
b)
Economic Choice
c)
Economic specialization
d)
Economic interdependence
9.
In the context of a bakery, what term is used to describe any factor that can be utilized in the baking of goods, including the baker's skills, ovens, and flour?
a)
Commodity
b)
Resource
c)
Product
d)
Market
10.
What term describes the amount of money required to purchase goods and services, acting as a signal that influences the decisions of buyers and sellers in a market?
a)
Interest Rates
b)
Wages
c)
Prices
d)
Dividends
11.
In this type of economy, practices and trades are handed down from one generation to the next, maintaining long-standing traditions.
a)
Market
b)
Traditional
c)
Mixed
d)
Command
12.
What type of economy is characterized by supply and demand being determined by individual decisions in the marketplace?
a)
Market
b)
Mixed
c)
Traditional
d)
Command
13.
In a _______ economy, resources and businesses are owned by the government. The government decides what goods and services will be produced and what prices will be charged for them. The government decides what methods of production will be used and how much workers will be paid
a)
Market
b)
Traditional
c)
Mixed
d)
Command
14.
What are natural resources?
a)
Goods and services produced by human effort
b)
Man-made materials used in production processes
c)
Assets provided by nature that can be used for economic gain
d)
Financial assets such as stocks and bonds
15.
Which of the following best defines the concept of "incentives" in economics?
a)
The taxes imposed by the government on goods and services
b)
Monetary rewards offered to workers for completing tasks
c)
The increase in prices due to high demand for a product
d)
The regulations set by the government to control market behavior
16.
A country focusing on producing primarily technology and pharmaceuticals instead of a wide variety of goods & services.
a)
Free Trade
b)
Specialization
c)
Voluntary trade
d)
Over-specialization
17.
A person that buys something is a...
a)
Consumer
b)
Producer
c)
Capital
d)
Labor
18.
What does "economic interdependence" refer to in economics?
a)
The reliance of businesses on government subsidies for operation
b)
The situation where one country's economic activities rely on another country's economic activities
c)
The practice of monopolizing a market to control prices
d)
The mutual reliance of individuals, businesses, and nations on each other for goods, services, and resources
19.
What is the definition of "economy" in the context of economics?
a)
The study of how individuals make decisions about the allocation of resources
b)
The system of production, distribution, and consumption of goods and services in a specific region or country
c)
The amount of money a government spends on public projects and services
d)
The total value of goods and services produced within a country in a specific time period
20.
Which of the following best describes the "chain of supply" in economics?
a)
The sequence of events leading to the creation of a new product
b)
The network of companies involved in the production and distribution of goods and services
c)
The process of determining the price of goods and services in the market
d)
The government regulations overseeing the transportation of goods between countries
21.
Work that you do for an individual is called a
a)
Service
b)
Goods
c)
Labor
d)
Need
22.
When the quantity supplied is greater than the demand and you have leftovers is called a?
a)
Surplus
b)
Revenue
c)
Marginal
d)
Demand
23.
In a grocery store, _____________ are items like bread, milk, and vegetables that people purchase to meet their daily needs.
a)
Services
b)
Goods
c)
Producers
d)
Consumers
24.
Which of the following best defines a nonrenewable resource in economics?
a)
A resource that replenishes itself over a relatively short period of time.
b)
A resource that can be easily replaced through human intervention and technological advancements.
c)
A resource that cannot be replaced once it is depleted, such as fossil fuels or minerals.
d)
A resource that is abundant and widely available, ensuring its perpetual availability for consumption.
25.
__________ are people who use natural resources, human resources, and capital resources to make goods or provide services.
a)
Producers
b)
Services
c)
Goods
d)
Resources
26.
Imagine a local bakery sells a cake for $20 that costs $10 to make. What is this financial gain called?
a)
Checking Account
b)
Surplus
c)
Profit
d)
Debit
27.
Which of the following statements best illustrates the concept of "property" in economics?
a)
Property rights are solely determined by governmental regulations and cannot be influenced by individual ownership or possession.
b)
Property refers only to physical assets like land and buildings.
c)
Property is limited to personal belongings and excludes any items of significant monetary value.
d)
Property encompasses all assets, tangible or intangible, that individuals or entities possess and have legal rights to use, control, and dispose of.
28.
Which of the following statements best describes a renewable resource in economics?
a)
Renewable resources, such as coal and oil, are finite and can be depleted over time.
b)
Renewable resources are those that can only be used once and then discarded.
c)
Renewable resources, like solar energy and wind power, are continuously replenished by natural processes and can be used sustainably.
d)
Renewable resources are exclusively derived from natural ecosystems and cannot be manufactured or artificially reproduced.
29.
A person who comes up with a new idea for a coffee shop, including unique brewing methods, and they actually open the shop and sell coffee.
a)
Entrepreneur
b)
Consumer
c)
Resource
d)
Human Resources
100 %
