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WorksheetsUnit 4: Choices and Cost- Chapter 1
Total questions: 25
Worksheet time: 12mins
What is an economy?
An economy is how people make, buy, and sell the things they want and need.
A system where only governments control resources.
A place where only money is exchanged for goods.
A network of banks and financial institutions.
What is an import?
An import is something bought from another country.
An import is a local product sold domestically.
An import is a service provided within the same country.
An import is a type of tax imposed on goods.
What is an export?
An export is when goods or services are sent to another place to be sold.
An export is when goods or services are received from another place.
An export is a type of local trade within a country.
An export is a service provided only within a city.
What is a free enterprise system?
In a free enterprise system, the government sets up rules for economic activity. Producers and consumers are free to buy and sell and to start and run their own businesses.
In a free enterprise system, the government controls all economic activities and decisions.
In a free enterprise system, only the government can own businesses and properties.
In a free enterprise system, businesses are owned by the community and profits are shared equally among all citizens.
What are capital resources?
Capital resources are the things that help produce a good or deliver a service.
Capital resources are natural resources found in the environment.
Capital resources are human skills and labor used in production.
Capital resources are financial assets like stocks and bonds.
Who is a producer?
A producer is someone who makes goods or provides services.
A producer is someone who consumes goods and services.
A producer is someone who only buys goods.
A producer is someone who only sells goods.
Who is a consumer?
A consumer is someone who buys or uses goods or services.
A consumer is someone who sells goods or services.
A consumer is someone who produces goods or services.
A consumer is someone who manages a business.
What is scarcity?
Scarcity is when there is not enough of something for everyone who wants it.
Scarcity is when there is an abundance of resources.
Scarcity is when resources are evenly distributed among everyone.
Scarcity is when everyone has more than they need.
What are nonrenewable resources?
Nonrenewable resources are resources that cannot be replaced.
Nonrenewable resources are resources that can be replaced quickly.
Nonrenewable resources are resources that are always available.
Nonrenewable resources are resources that are man-made.
What is an opportunity cost?
An opportunity cost is the benefit that someone does not gain when they choose one activity over another.
An opportunity cost is the financial cost of an investment.
An opportunity cost is the time spent on an activity.
An opportunity cost is the physical effort required for a task.
What does it mean to be disciplined?
To be disciplined means to work in a controlled and orderly way.
To be disciplined means to act without any rules or guidelines.
To be disciplined means to ignore responsibilities and tasks.
To be disciplined means to follow a chaotic and unstructured lifestyle.
What is a good habit?
A good habit is doing your homework.
A good habit is watching TV all day.
A good habit is eating junk food.
A good habit is procrastinating.
Teachers, Farmers, and Builders are all examples of what type of resource?
Natural
Human
Capital
Water, Wood, Oil and rocks are all examples of what type of resource?
Natural
Capital
Human
Materials found in nature that are used to make goods or provide services.
capital resources
goods
natural resources
services
Tools, Money, Buildings, and Vehicles are all examples of what type of resource?
Human
Natural
Capital
What would be an example of a capital resource
water
trees
business owner
school building
The buildings, machines, and tools that companies use to make products
capital resources
human resources
natural resources
entrepreneurs
A doctor is a ____________ resource.
natural
human
capital
Something consumers pay to have done for them.
services
natural resources
goods
capital resources
Which of these is an example of a shortage?
Farmers produce more corn that consumers want or need.
Grocery stores have enough bottled water to meet demand.
Overfishing makes it difficult to catch a popular type of fish.
A builder has the right amount of lumber to construct a house.
Which Term? - To sell goods to another country.
Import
Exit
Export
Compromise
The exchange of goods and services for money or other goods and services
Trade
Economy
Tradition
Migration
Import or Export:
US sells medical equipment to China
Import
Export
