WorksheetsEconomics 101
Total questions: 26
Worksheet time: 20mins
Name
Class
Date
1.
Trading something for something else - no currency involved
a)
demand
b)
barter
c)
goods
d)
market
2.
Tools we use to make products
a)
capital resources
b)
human resources
c)
natural resources
d)
entrepreneurs
3.
A person who buys goods and services
a)
consumer
b)
entrepreneur
c)
resource
d)
currency
4.
another word for money
a)
barter
b)
economics
c)
currency
d)
price
5.
How much people want something
a)
supply
b)
demand
6.
The making, buying and selling of goods and services
a)
economics
b)
inflation
c)
market
d)
barter
7.
Individuals who come up with a new idea for a good or service, then they make it a reality
a)
resource
b)
human resources
c)
consumer
d)
entrepreneur
8.
The resources required to make a product (good or service)
a)
economics
b)
consumption
c)
four factors of production
d)
scarcity
9.
Something we pay for that we can touch
a)
goods
b)
services
10.
A general increase in prices
a)
price
b)
inflation
c)
scarcity
d)
demand
11.
Something we use from nature
a)
natural resource
b)
human resource
c)
capital resource
d)
entrepreneur
12.
The amount of money we pay for a good or service
a)
currency
b)
price
c)
inflation
d)
economics
13.
Something we use
a)
resource
b)
scarcity
c)
demand
d)
supply
14.
The idea that resources are limited; we don't have an unlimited supply of what we want
a)
scarcity
b)
supply
c)
demand
d)
inflation
15.
Something we pay to use fora certain amount of time
a)
services
b)
goods
16.
The study of resources such as money, materials, and labor
a)
economics
b)
services
c)
producers
d)
goods
17.
What is a need?
a)
Nothing
b)
Something you have to have to live
c)
Something you would like to have
d)
Ice cream
18.
What is a service?
a)
A job
b)
Something someone does for you
c)
A need
d)
Something you do for another person
19.
What is a want?
a)
A person
b)
Something you would like to have but don't need to live
c)
Purple
d)
Something you need to live
20.
Which of the following is not a service?
a)
Dry Cleaner
b)
Car Wash
c)
Clothes
d)
Babysitter
21.
What do economists mean by the term "scarcity"?
a)
Having too few or too little of resources
b)
Having too many resources
c)
Having just enough resources
d)
Having the correct amount of resources
22.
Which choice best describes the economic problem of scarcity in the world?
a)
People have limited wants there is an unlimited amount of resources.
b)
People have unlimited wants but there is a limited amount of resources
c)
People have no wants so resources don't matter
23.
Which of the following are examples of goods?
a)
Apples, Computers, Clothing
b)
Firemen, Police Officers, Soldiers
c)
Health, Love, Friendship
24.
Which of the following are examples of services?
a)
Apples, Computers, Clothing
b)
Firemen, Police Officers, Soldiers
c)
Health, Love, Friendship
25.
The using up of a resource
a)
scarcity
b)
supply
c)
services
d)
consumption
26.
another word for money
a)
barter
b)
economics
c)
currency
d)
price
100 %
