Font size
WorksheetsEconomy Lessons 3&4 STUDY
Total questions: 22
Worksheet time: 17mins
What does the term "tradeoff" mean in economics?
The price needed to get something
Giving up one thing for another
A useful result
A person's skills, knowledge, and experience
What is meant by "opportunity cost"?
A job
Something you need to live
What you have to give up to get something else
Something you would like to have
Which of the following best defines "benefit"?
A useful result
The price needed to get something
Giving up one thing for another
A person's skills, knowledge, and experience
What is the difference between a "need" and a "want"?
Need is something you must have to live, want is something you would like to have
Want is something you must have to live, need is something you would like to have
Both are things you must have to live
Both are things you would like to have
What does "invest" mean in economic terms?
A job
To spend now in the hope of future reward
What you have to give up to get something else
A useful result
What is "human capital"?
A job
The price needed to get something
A useful result
A person's skills, knowledge, and experience
What does "occupation" refer to?
A person's skills, knowledge, and experience
A job
The price needed to get something
Something you would like to have
What is a need in economics?
Something you want very much
Something essential for survival
A luxury item
A type of currency
In a scenario where a person buys a loaf of bread, what role are they playing?
Producer
Consumer
Banker
Investor
What does it mean to save money?
To spend money on toys
To keep money for future use
To borrow money from a bank
To earn interest on toys
For example, if you are given $20 and you choose to go to the movies and spend that $20. Your next choice would have been buy candy. Your Opportunity Cost would be
buy candy
buy McDonalds
Save the money
What is the definition of a want?
the good things about a choice
the amount of item that a store has in stock
what you must pay for an item
something you would like to have
Billy was trying to make a choice between a new game for his Wii or a new skateboard. He decided to use his money to buy a new game for his Wii. He had to give up the skateboard for the Wii game. The skateboard was his
scarcity
benefit
opportunity cost
Consumers
use and pay for goods and services
make or grow goods and sell services
want to grow goods and sell services
are people who live in neighborhoods
Producers
use and pay for goods and services
make or grow goods and sell services
want to grow goods and sell services
are people who live in a neighborhood
Which is a need?
Soda
Starbucks
Water
Are headphones a need or want?
Need
Want
exchanging one thing for another
trade- off
income
savings account
sacrifices
Put money into a bank account.
withdraw
deposit
Take money out from your bank account.
withdraw
deposit
an institution that receives deposits and makes loans
bank
loans
savings account
checking accounts
deposit
