WorksheetsFast & Curious Economics
Total questions: 21
Worksheet time: 11mins
Name
Class
Date
1.
market economy
a)
all human effort, skills, and abilities used to produce goods and services.
b)
an economic system in which the productive resources are owned by private citizens.
c)
one in which economic decisions are made by people trying to do what is best for themselves and their families.
d)
a business in which two or more people share the responsibilities, costs, profits, and losses.
2.
free market
a)
shares of ownership.
b)
corporate profits paid to stockholders.
c)
people who buy corporate stocks.
d)
the right to buy and sell goods as you want.
3.
profit
a)
a type of business that is recognized as a separate legal entity.
b)
small business owned by one person.
c)
the money a business has left after it has paid its expenses.
d)
the right to buy and sell goods as you want.
4.
scarcity
a)
states that buyers will want more of a good when price is low.
b)
found on or in the Earth or Earth's atmosphere.
c)
the right to buy and sell goods as you want.
d)
occurs when there are not enough resources to meet peoples' wants.
5.
law of supply
a)
states that businesses will produce more products when they can sell them at higher prices.
b)
states that buyers will want more of a good when price is low.
c)
what a company has if they're the only company selling a product.
d)
a type of business that is recognized as a separate legal entity.
6.
law of demand
a)
small business owned by one person.
b)
states that buyers will want more of a good when price is low.
c)
the right to buy and sell goods as you want.
d)
manufactured goods used to make other goods and services.
7.
free enterprise
a)
a business in which two or more people share the responsibilities, costs, profits, and losses.
b)
states that businesses will produce more products when they can sell them at higher prices.
c)
one in which economic decisions are made by people trying to do what is best for themselves and their families.
d)
principle that allows business owners in a free market are allowed to run their business in any way they see fit, with little government interference.
8.
capitalism
a)
occurs when there are not enough resources to meet peoples' wants.
b)
found on or in the Earth or Earth's atmosphere.
c)
what a company has if they're the only company selling a product.
d)
an economic system in which the productive resources are owned by private citizens.
9.
monopoly
a)
the right to buy and sell goods as you want.
b)
found on or in the Earth or Earth's atmosphere.
c)
small business owned by one person.
d)
what a company has if they're the only company selling a product.
10.
sole proprietorship
a)
corporate profits paid to stockholders.
b)
shares of ownership.
c)
people who buy corporate stocks.
d)
small business owned by one person.
11.
partnership
a)
person who organizes, manages, and assumes the risk of a business.
b)
occurs when there are not enough resources to meet peoples' wants.
c)
states that businesses will produce more products when they can sell them at higher prices.
d)
a business in which two or more people share the responsibilities, costs, profits, and losses.
12.
corporation
a)
found on or in the Earth or Earth's atmosphere.
b)
small business owned by one person.
c)
the money a business has left after it has paid its expenses.
d)
a type of business that is recognized as a separate legal entity.
13.
stock
a)
corporate profits paid to stockholders.
b)
people who buy corporate stocks.
c)
shares of ownership.
d)
small business owned by one person.
14.
stockholders
a)
small business owned by one person.
b)
shares of ownership.
c)
people who buy corporate stocks.
d)
corporate profits paid to stockholders.
15.
dividends
a)
small business owned by one person.
b)
people who buy corporate stocks.
c)
corporate profits paid to stockholders.
d)
shares of ownership.
16.
nonprofit organizations
a)
organizations that don't seek to earn a profit for stockholders.
b)
found on or in the Earth or Earth's atmosphere.
c)
manufactured goods used to make other goods and services.
d)
corporate profits paid to stockholders.
17.
natural resources
a)
people who buy corporate stocks.
b)
found on or in the Earth or Earth's atmosphere.
c)
small business owned by one person.
d)
corporate profits paid to stockholders.
18.
capital
a)
manufactured goods used to make other goods and services.
b)
all human effort, skills, and abilities used to produce goods and services.
c)
corporate profits paid to stockholders.
d)
the right to buy and sell goods as you want.
19.
labor
a)
manufactured goods used to make other goods and services.
b)
the right to buy and sell goods as you want.
c)
found on or in the Earth or Earth's atmosphere.
d)
all human effort, skills, and abilities used to produce goods and services.
20.
entrepreneur
a)
small business owned by one person.
b)
person who organizes, manages, and assumes the risk of a business.
c)
the money a business has left after it has paid its expenses.
d)
found on or in the Earth or Earth's atmosphere.
21.
structure
a)
the arrangement of and relations between the parts or elements of something complex.
b)
manufactured goods used to make other goods and services.
c)
organizations that don't seek to earn a profit for stockholders.
d)
found on or in the Earth or Earth's atmosphere.
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