WorksheetsPart 2: Econ Review for Final Assessment
Total questions: 29
Worksheet time: 15mins
Scarcity is the fundamental economic problem facing all ____.
Scarcity is the fundamental economic problem facing all individuals, societies, and economies.
Scarcity is the fundamental economic problem facing only wealthy individuals.
Scarcity is the fundamental economic problem facing only developing countries.
Scarcity is the fundamental economic problem facing only businesses.
__________is a social science dealing with how people satisfy unlimited wants and the use of unlimited resources.
Wants and Needs
Renewable and Nonrenewable Resources
Scarcity and Productivity
Opportunity Cost and Marginal Cost
The word “economics” comes from two Greek words. What do those two words mean?
House and manage
Trade and wealth
Money and market
Supply and demand
What are the factors of production?
Land, Labor, Capital, and Entrepreneurship
Money, Machines, Materials, and Management
Planning, Organizing, Leading, and Controlling
Supply, Demand, Price, and Quantity
What are consumers forced to do because of scarcity?
Make choices
Increase production
Decrease consumption
Ignore scarcity
An incentive is:
a reward or motivation (not always $) for doing something or making a choice
a type of punishment for not budgeting income
an extra tax added to goods
a reason why a person does not do something or make a choice
Needs are the basic requirements for ______, such as food, clothing, and shelter.
survival
entertainment
luxury
comfort
Wants are things that we would like to have but are not ______ for survival.
necessary
essential
vital
crucial
A good is a ______ economic product that is useful, transferable to others, and used to satisfy wants and needs.
tangible
intangible
virtual
hypothetical
A consumer durable is a type of product that:
is consumed immediately and needs frequent replacement
is used over a long period and does not wear out quickly
is a service rather than a physical product
is a perishable good
A durable good lasts for at least 3 years when used ______.
regularly
occasionally
once every six months
rarely
A ______ good wears out, is used up, or lasts for fewer than 3 years when used regularly.
Nondurable
Durable
Perishable
Long-lasting
______ goods are tools, equipment, or other manufactured goods that are used to ______ other goods and services.
Capital, produce
Consumer, consume
Raw, create
Finished, sell
______ is the work or labor performed for someone such as haircuts, home repairs, and forms of entertainment.
Service
Product
Goods
Merchandise
Value is the monetary worth of a good or service as determined by the ______.
consumers
market
year
government
A ______ good is intended for final use by consumers rather than a business.
Consumer
Industrial
Capital
Intermediate
What is a consumer nondurable?
A type of good that is consumed quickly and needs to be purchased frequently
A durable good that lasts for a long time
A service provided to consumers
An investment product
Wealth is the sum of tangible economic goods that are scarce, useful, and ________ from one person to another.
free
transferable
services
scarcity
Goods are counted as wealth, but ________ are not included.
costs
goods
services
transferable
Which of the following categories do the products you come in contact with on a daily basis fall into?
Needs
Wants
Both Needs and Wants
Neither
True or False: Economics measures economic activity and often refers to Gross domestic product (GDP).
True
false
Identify and explain the fundamental economic problem that all societies face.
Scarcity of resources
Abundance of resources
Equal distribution of wealth
Unlimited wants
Why do we study economics?
The study of economics helps people understand the world around them. It enables people to understand people, businesses, markets and governments
To learn how to cook
To become a professional athlete
To study ancient history
Why do all societies face the problem of scarcity?
There are a limited amount of resources available
Resources are evenly distributed among all societies
Societies choose to limit their resources
Scarcity is a myth created by economists
Do you think there are any policies or steps that a society can take to avoid scarcity, in terms of supplying all the needs of its population?
Yes, there are policies that can help avoid scarcity.
No, it is not possible to avoid scarcity completely.
It depends on the economic structure of the society.
Only technological advancements can prevent scarcity.
Which categories of goods used by ordinary people are most affected by scarcity?
nondurable goods and consumer goods
luxury goods
capital goods
industrial goods
Define the term 'Capital Good'.
A type of financial asset
A consumer product
A durable good used in production
A service provided by the government
Consumer goods are defined as:
Goods that are used by consumers for personal use
Goods that are used in the production of other goods
Goods that are used for investment purposes
Goods that are used for government projects
A 'Durable Good' is defined as:
a good that is consumed in one use
a good that lasts for a long time and does not quickly wear out
a service that is provided over a period of time
a perishable item that needs to be used quickly
