Font size
S
M
L
XL
Worksheets16.08.2025
Total questions: 94
Worksheet time: 5hrs 42mins
Name
Class
Date
1.
Explain the basic economic problem of scarcity.
4 lines
2.
Distinguish between needs and wants.
4 lines
3.
Define factors of production and give an example of each.
4 lines
4.
Explain why scarcity results in choice.
4 lines
5.
What is meant by opportunity cost?
4 lines
6.
Distinguish between free goods and economic goods.
4 lines
7.
Define an economic system.
4 lines
8.
Explain how different economic systems allocate resources.
4 lines
9.
Explain the meaning of resource allocation.
4 lines
10.
Define the production possibility curve (PPC).
4 lines
11.
Explain why the PPC is typically concave to the origin.
4 lines
12.
What does a point inside the PPC represent?
4 lines
13.
What does a point outside the PPC represent?
4 lines
14.
Explain the concept of opportunity cost using a PPC diagram.
4 lines
15.
Define the circular flow of income.
4 lines
16.
Explain the role of households in the circular flow of income.
4 lines
17.
Explain the role of firms in the circular flow of income.
4 lines
18.
Distinguish between positive and normative economics.
4 lines
19.
Explain the meaning of ceteris paribus.
4 lines
20.
Distinguish between equity and equality.
4 lines
21.
Explain Adam Smith’s concept of the invisible hand.
4 lines
22.
Define laissez-faire economics.
4 lines
23.
Explain the main idea of classical economics.
4 lines
24.
State Say’s Law and explain its implication for economic growth.
4 lines
25.
Explain Karl Marx’s critique of classical economics.
4 lines
26.
Define Keynesian economics.
4 lines
27.
Explain the main focus of monetarism.
4 lines
28.
Explain how behavioural economics differs from classical economics.
4 lines
29.
What is a circular economy model?
4 lines
30.
Define the law of demand.
4 lines
31.
State the three causes of the negative slope of the demand curve.
4 lines
32.
Explain the income effect.
4 lines
33.
Explain the substitution effect.
4 lines
34.
Define the law of diminishing marginal utility (HL only).
4 lines
35.
Define the demand curve.
4 lines
36.
Explain the difference between individual demand and market demand.
4 lines
37.
List the non-price determinants of demand.
4 lines
38.
Explain how income affects demand for a good.
4 lines
39.
Explain how substitutes affect demand.
4 lines
40.
Distinguish between a movement along the demand curve and a shift of the demand curve.
4 lines
41.
What causes an increase in demand?
4 lines
42.
What causes a decrease in demand?
4 lines
43.
Give an example of substitutes and explain their effect on demand.
4 lines
44.
Give an example of complements and explain their effect on demand.
4 lines
45.
Define supply.
4 lines
46.
State the law of supply.
4 lines
47.
Define the supply curve.
4 lines
48.
Explain the meaning of market supply.
4 lines
49.
List the non-price determinants of supply.
4 lines
50.
Define competitive supply.
4 lines
51.
Define joint supply.
4 lines
52.
Explain the impact of subsidies on supply.
4 lines
53.
Explain the impact of indirect taxes on supply.
4 lines
54.
Distinguish between specific tax and ad valorem tax.
4 lines
55.
Distinguish between a movement along the supply curve and a shift of the supply curve.
4 lines
56.
What causes an increase in supply?
4 lines
57.
What causes a decrease in supply?
4 lines
58.
Explain the effect of technology on supply.
4 lines
59.
Explain the effect of changes in factor costs on supply.
4 lines
60.
Define market equilibrium.
4 lines
61.
Explain how equilibrium is determined in a market diagram.
4 lines
62.
Define excess supply.
4 lines
63.
Define excess demand.
4 lines
64.
Explain the signalling function of the price mechanism.
4 lines
65.
Explain the incentives function of the price mechanism.
4 lines
66.
Explain the rationing function of the price mechanism.
4 lines
67.
Define consumer surplus.
4 lines
68.
Define producer surplus.
4 lines
69.
Define community surplus.
4 lines
70.
Explain how community surplus is maximized at equilibrium.
4 lines
71.
Define allocative efficiency.
4 lines
72.
Explain how allocative efficiency is shown on a diagram.
4 lines
73.
Define price elasticity of demand (PED).
4 lines
74.
State the formula for PED.
4 lines
75.
Distinguish between price elastic and price inelastic demand.
4 lines
76.
Define unit elastic demand.
4 lines
77.
Define perfectly inelastic demand.
4 lines
78.
Define perfectly elastic demand.
4 lines
79.
List the determinants of PED.
4 lines
80.
Explain the relationship between PED and total revenue.
4 lines
81.
Explain why PED for primary commodities is usually low.
4 lines
82.
Explain why PED for manufactured goods is usually high.
4 lines
83.
Define price elasticity of supply (PES).
4 lines
84.
State the formula for PES.
4 lines
85.
Distinguish between price elastic and price inelastic supply.
4 lines
86.
Define unit elastic supply.
4 lines
87.
Define perfectly inelastic supply.
4 lines
88.
Define perfectly elastic supply.
4 lines
89.
List the determinants of PES.
4 lines
90.
Explain why PES is low for primary products.
4 lines
91.
Explain why PES is higher for manufactured products.
4 lines
92.
State two reasons why governments intervene in markets.
4 lines
93.
Define a price ceiling and explain its effect.
4 lines
94.
Define a price floor and explain its effect.
4 lines
Reset