WorksheetsIntro to Economics & Competition in the Market
Total questions: 15
Worksheet time: 8mins
What term describes something that is desired but not needed?
Need
Scarcity
Want
Shortage
What is it called when you choose one thing which causes you to have to give up, or sacrifice, another?
Scarcity
Trade-Off
Want
Comparative Advantage
Which term describes the essential requirements for survival?
Want
Need
Scarcity
Opportunity Cost
What does economics help you do in terms of decision-making?
Make better informed decisions.
Make impulsive decisions.
Avoid making decisions.
Rely solely on intuition.
What is one of the benefits of understanding economics in relation to government?
Understanding how the government works for and against you.
Ignoring government policies.
Simplifying all government actions.
Distrusting all government decisions.
What does scarcity force individuals and nations to decide?
How to save money
How to increase demand
What to produce, how to produce it, and whom to produce it for
How to reduce costs
What does shortage of a resource mean?
Permanent and natural limitation
Temporary and man-made unavailability
Unlimited access to resources
Abundance of resources
Which of the following is a characteristic of a market with fewer participants?
High competition
Greater control over prices
Low control over prices
Fixed prices
How can the type of business structure affect a business?
It affects the color of the business logo
It affects how a business is regulated and taxed
It affects the business's social media presence
It affects the number of products a business can sell
For a consumer, which is part of making an economic choice?
The consumer makes goods and services to sell to others.
The consumer moves to a place that has very few businesses.
The consumer purchases everything he or she needs or wants.
The consumer weighs his or her needs and wants before spending money.
What is the primary purpose of a business plan?
To decide the office location
To decorate the office
To determine the color of the company logo
To outline the business's goals and strategies
Which of the following is an example of a durable good?
Milk
Fresh vegetables
Smartphone
Paper napkins
What is the opportunity cost of attending college?
The time spent studying
The tuition fees paid
The income foregone from not working full-time
The cost of textbooks
What is the primary function of a market in an economy?
To create scarcity
To increase government control
To facilitate the exchange of goods and services
To eliminate competition
What is a key characteristic of a monopoly market structure?
High level of competition
Single seller dominates the market
Multiple sellers with equal market share
Free entry and exit of firms
