NEW
Font size
S
M
L
XL
WorksheetsEcon Review
Total questions: 20
Worksheet time: 13mins
Name
Class
Date
1.
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
2.
Something we use from nature
a)
natural resource
b)
human resource
c)
capital resource
d)
entrepreneur
3.
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
4.
Which of the following is a need?
a)
Crayons
b)
Video Games
c)
Basketballs
d)
Houses
5.
If video games are not a need, what are they?
a)
a wish
b)
a dream
c)
a want
d)
a necessity
6.
Human-made materials used to produce goods and services.
a)
capital
b)
land
c)
labor
d)
entrepreneur
7.
An economy where the government controls the factors of production resources.
a)
command
b)
market
c)
capitalism
d)
mixed
8.
how resources are used to meet peoples wants and needs
a)
economics
b)
demand
c)
supply
d)
entrepreneur
9.
The talents and skills of human beings used to create goods is an example of which Factor of Production?
a)
labor
b)
land
c)
capital
d)
entrepreneur
10.
the value of the second-best choice that is given up when a decision is made
a)
opportunity cost
b)
producer
c)
profit
d)
scarcity
11.
Iron, minerals, coal and plants are examples of which productive resource?
a)
land
b)
labor
c)
entrepreneurship
d)
capital
12.
Which factor of production would you consider a lawn mower?
a)
Land
b)
Labor
c)
Capital
d)
Entrepreneur
13.
What kind of resource is this?
a)
natural and capital resource
b)
natural resource
c)
capital resource
d)
human resource
14.
What is this resource?
a)
human resource
b)
capital resource
c)
natural resource
d)
human and capital resource
15.
What type of economic system is based on customs and beliefs?
a)
Market
b)
Mixed
c)
Traditional
d)
command
16.
The four types of economic systems are:
a)
Traditional, Command, Mixed, & Market
b)
Traditional, Command, Combined, & Market
c)
Communism, Capitalism, Free Market, and Macroeconomics
d)
Microeconomics, Macroeconomics, Individual, and Traditional.
17.
In the economy of the Bushmen of the Kalahari Desert the people follow the examples of their ancestors. This is what kind of economy?
a)
Traditional
b)
Market
c)
Command
d)
Centrally planned
18.
The Country of North Korea has a dictator that makes all of the economic decisions. What type of economy is this?
a)
Traditional
b)
Market
c)
Command
d)
Centrally Planned
19.
What are the 3 economic questions?
a)
What to produce? How To Produce? For whom to produce?
b)
Who to produce? Why you produce? Like to produce?
c)
Why to produce? Tell who to produce? Things to produce?
d)
What to produce? How to produce? When to produce?
20.
What type of economy do most countries in the world have?
a)
Market economy
b)
Command economy
c)
Traditional economy
d)
Mixed economy
Reset
