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WorksheetsEconomics
Total questions: 20
Worksheet time: 10mins
What is the best definition of Economics?
The study of money and banking
The study of how people use limited resources to satisfy unlimited wants
The study of government and politics
The study of human behavior only
What does scarcity mean in economics?
Having more resources than needed
Having limited resources to meet unlimited wants
Having equal supply and demand
Having no wants or needs
Which of the following is a need?
Smartphone
Designer clothes
Food and water
Laptop
Which of the following is a want?
House
Medicine
Vacation trip
Clothing
The basic economic problem is caused by _______.
Too many resources
Scarcity
Unlimited income
Abundance
The study of individual choices and businesses is called _______.
Macroeconomics
Microeconomics
Global economics
Behavioral economics
The study of the economy as a whole is called _______.
Microeconomics
Macroeconomics
Ecoeconomics
Socioeconomics
Which of the following is NOT a factor of production?
Land
Labor
Capital
Money
Which factor of production refers to natural resources?
Land
Labor
Capital
Entrepreneurship
Which factor of production refers to human effort or work?
Land
Labor
Capital
Profit
The person who combines the factors of production to create goods and services is called a(n) _______.
Worker
Manager
Entrepreneur
Investor
Which economic system allows individuals to own businesses and make decisions freely?
Traditional economy
Command economy
Market economy
Mixed economy
In which economic system does the government control all major industries?
Market economy
Command economy
Mixed economy
Traditional economy
A mixed economy is a combination of _______.
Traditional and market systems
Market and command systems
Global and national systems
Land and labor systems
What is opportunity cost?
The cost of producing goods
The value of the next best alternative given up
The price of labor
The total production cost
Which of the following best describes goods?
Services provided by people
Tangible products that satisfy human wants
Intangible experiences
Voluntary activities
Which of the following best describes services?
Physical items
Actions or work done for others
Natural resources
Capital goods
What is the main goal of producers in the economy?
To earn profit
To consume goods
To save money
To spend resources
What is the main goal of consumers in the economy?
To produce goods
To earn interest
To satisfy their wants and needs
To manage workers
Why is it important to study economics?
To understand how to make wise financial and resource decisions
To memorize business terms
To ignore global issues
To focus only on politics
