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WorksheetsJC Introduction to Economics
Total questions: 15
Worksheet time: 8mins
What is an economy?
A system of individuals, organisations, and governments that produces, sells, and buys goods and services
A system of individuals and organisations that produces goods only
A system of organisations that buys goods and services
A system of individuals and governments that sells goods and services
What are factors of production?
Resources used to provide services only
Resources used to produce goods only
Resources used to buy goods
Economic resources used to produce goods and provide services
What is the basic economic problem?
Unlimited needs and wants with limited economic resources
Limited needs and wants with unlimited economic resources
Unlimited needs and wants with unlimited economic resources
Limited needs and wants with limited economic resources
What is scarcity?
The balance between needs and wants and resources
The abundance of resources compared to needs and wants
The gap between unlimited needs and wants and limited economic resources
The equal distribution of resources and needs
What is an economic system?
How a country controls its economic resources to produce goods and services
How a country controls its population
How a country controls its natural resources
How a country controls its imports and exports
What is a free economy?
An economy in which anyone is free to make decisions about the production of goods or services
An economy in which decisions are made by individuals only
An economy in which decisions are made by the government only
An economy in which decisions are made by private businesses only
What is a mixed economy?
An economy in which the government controls all production
An economy in which individuals control all production
An economy in which private businesses control all production
An economy in which the government and private business share the production of goods and services
What is a controlled economy?
An economy in which the government has total control of the production of goods and services
An economy in which individuals have total control of production
An economy in which production is controlled by a mix of government and private businesses
An economy in which private businesses have total control of production
What is land in terms of factors of production?
All the natural resources available in a country for use in the production of goods and services
All the human-made resources available in a country
All the workers available in a country
The actions of the person or business that brings together resources
What is labour in terms of factors of production?
The actions of the person or business that brings together resources
All the workers who are available in a country to help produce goods and services
All the natural resources available in a country
All the human-made resources available in a country
What is capital in terms of factors of production?
All the human-made resources available in a country to help produce goods and services
All the natural resources available in a country
All the workers available in a country
The actions of the person or business that brings together resources
What is enterprise in terms of factors of production?
All the human-made resources available in a country
All the workers available in a country
All the natural resources available in a country
The actions of the person or business that brings together the land, labour, and capital to produce goods and services
In which type of economy do individuals, organisations, and the government work together to distribute economic resources?
Capitalist economy
Controlled economy
Free economy
Mixed economy
Which country has a mixed economy according to the text?
Ireland
USA
India
China
What is the study of how individuals, organisations, and governments make choices about how to allocate limited resources?
Psychology
Economics
Biology
Sociology
