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WorksheetsBasic Economic Concepts, Economic Systems, and US Economy
Total questions: 20
Worksheet time: 15mins
What is given up when a choice is made is
Resources
Choice
Opportunity Cost
Demand
The amount of goods and services producers are willing and able to sell at a certain price
Supply
Demand
Incentive
Scarcity
The amount of goods and services consumers are willing and able to buy at a certain price
Production
Free Market Economy
Demand
Supply
Using a good or service
Consumption
Production
Opportunity Cost
Consumer Sovereignty
Examples of (a) resources are trees, coal, oil, wind, water, etc.
The inability to satisfy all wants at the same time. When something is very rare.
(a)
What type of economy does the U.S. and most countries today have?
Free Market
Mixed
Command
Traditional
This type of economy is based on custom and historical precedent. People do the same work as their parents and grandparents.
(a)
This type of economy has very little or no involvement from the government.
Command
Free Market
Mixed
Countries such as North Korea and the former Soviet Union have a centrally planned economy controlled by the government. What type of economy is this?
(a)
How do you feel about the economics unit so far?
Consists of all earnings after all expenses have been paid
Command
Scarcity
Price
Profit
Consumers determine through purchases what goods and services will be produced
Resources
Private Property
Consumer sovereignty
Price
Rivalry between producers and/or sellers of a good or service that usually results in better quality goods and services at lower prices.
Consumer sovereignty
Competition
Scarcity
Choice
Individuals and businesses have the right to own property without interference from the government.
Production
Consumption
Private Property
Traditional economy
This is determined by supply and demand as buyers and sellers interact in the marketplace.
Price
Profit
Incentive
Opportunity Cost
Who or what makes economic decisions in a free market economy?
Students
Who or what makes economic decisions in a mixed economy?
Cats
In a command economy the government makes most decisions
True
False
In a free market economy individuals and businesses makes most decisions
True
False
