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WorksheetsEconomics Unit 1 Week 1 Vocabulary
Total questions: 20
Worksheet time: 7mins
Fill in the blank: _______ is the study of how society manages its scarce resources.
Economics
Biology
Chemistry
Physics
Fill in the blank: _______ is a condition in which there are not enough resources available to produce everything that individuals demand.
Scarcity
Abundance
Surplus
Plenty
Fill in the blank: _______ is the value of goods and services that are given up to obtain another good or service.
opportunity cost
sunk cost
fixed cost
variable cost
Fill in the blank: _______ are resources needed to produce goods and services, including land, labor, capital, and entrepreneurship.
factors of production
economic indicators
market forces
supply chains
Fill in the blank: _______ are supplies of something valuable.
resources
wastes
liabilities
debts
Fill in the blank: _______ is a process created to manage the production, consumption, and distribution of goods and services.
economic system
political system
social system
legal system
Fill in the blank: _______ is a visual representation that shows the relationship between the factor market and the product market.
circular flow model
supply and demand graph
production possibilities frontier
market equilibrium chart
Fill in the blank: Use your own definition of the word _______.
choice
definition
example
sentence
Fill in the blank: _______ is something that induces a person to act.
Incentives
Obstacles
Challenges
Barriers
Fill in the blank: _______ is the company that makes a product.
producers
consumers
distributors
retailers
Which of these is an available resource?
Machines are resources used by organizations.
True
False
Why do all societies need to make decisions about how resources are used?
People are greedy.
There are not enough resources for everyone who wants them.
Resources are too expensive for most people.
There is a huge gap between the rich and poor.
Scarcity means:
Too much of something you want
The exact amount of something you want
Not enough of something you want
Who is affected by the condition of scarcity?
The rich
Large economies
All societies
Producers (i.e., businesses)
Which is NOT a question all societies must answer due to scarce resources?
When will products be produced?
How will products be produced?
What products will be produced?
Who will get access to the resources and the products they produce?
Our resources are __________.
limited
unlimited
This is how it is decided who will receive goods and services when there are not enough for everyone.
good
scarcity
allocation
services
To not have enough of something
Shortage
Plentifulness
Accountability
Pollution
Which of the following does not have scarcity?
Time
Space
Resources
None of the above
