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WorksheetsEconomic Concepts
Total questions: 1
Worksheet time: 7mins
What are the three basic economic questions that societies must answer?
How to produce goods and services, who consumes goods and services, when to produce goods and services
Where to produce goods and services, why produce goods and services, who sells goods and services
What goods and services to produce, how to produce goods and services, who uses or consumes goods and services
Which goods and services to produce, how to distribute goods and services, who produces goods and services
What are the three factors of production?
Natural resources, machinery, and labor
Goods, services, and capital
Money, resources, and labor
Land, labor, and capital
What is scarcity in economics?
Having unlimited resources to meet limited wants
Having limited resources to meet unlimited wants
Having limited resources to meet limited wants
Having unlimited resources to meet unlimited wants
What is opportunity cost in economics?
The cost of labor
The cost of production
The cost of the product
The cost of what you have to give up
What is demand in economics?
The willingness to produce a good or service
The cost of making one more unit of the product
The price of a product
The desire for a certain good or service
What is supply in economics?
The price of a product
The willingness to produce a good or service
The cost of making one more unit of the product
The desire for a certain good or service
What is the relationship between demand and price?
If demand increases, price tends to rise
If demand increases, price tends to fall
If demand increases, price decreases
If demand increases, price remains the same
What is the role of producers in an economy?
Produce natural resources
Consume goods or services
Make and sell goods or services
Buy goods and services
What is the incentive for producers to make and sell products or services?
Desire to save money
Desire to earn money
Desire to produce goods
Desire to consume goods
What does marginal cost represent for a producer?
The cost of making one more unit of the product
The cost of labor
The cost of resources
The cost of the product
