WorksheetsIntroduction to Economics: Core Concepts
Total questions: 30
Worksheet time: 15mins
Which word means there are not enough resources to meet all wants?
Scarcity
Opportunity
Equality
Abundance
Resources help make goods and services. Which is an example of capital?
A forest with many trees
A worker’s effort and skills
A machine used in a factory
Rainwater in a lake
You choose to buy a toy instead of saving for a trip. What is the opportunity cost of your choice?
Getting the toy today
The trip you gave up
Earning more money
Having more toys later
Economies ask three basic questions. Which list shows them in simple words?
What to make? How to make it? For whom to make it?
Where to sell? When to sell? How to advertise?
Who works? Who rests? Who plays?
How to save? How to spend? How to borrow?
Which sentence best describes a command economy?
People and businesses make choices based on prices.
The government controls all economic decisions.
It mixes personal choices with some government rules.
Businesses compete to offer lower prices.
In a market economy, competition helps shoppers. Which example shows competition helping consumers?
Two stores lower prices to attract customers, giving more choices.
A single company is chosen by the government to make all shoes.
Rules stop new businesses from opening in a town.
People cannot pick which products to buy.
Technology changes how we work and buy things. What is one effect of new technology on economics?
It always makes products more expensive.
It slows down production in factories.
It can speed up making goods and lower costs while creating new jobs.
It stops trade between countries.
Read: Law of Demand says when prices go down, people buy more; when prices go up, people buy less. Which choice shows the law of demand?
Price drops and buyers purchase more apples
Price rises and buyers purchase more apples
Price drops and buyers purchase fewer apples
Price rises and buyers purchase fewer apples
Law of Supply says higher prices lead to more goods offered for sale, lower prices lead to fewer goods. Which example matches the law of supply?
Price increases and baker bakes more bread to sell
Price increases and baker bakes less bread to sell
Price decreases and baker bakes more bread to sell
Price stays the same and baker changes nothing
Market price is set by supply and demand. If many people want a toy and there are only a few toys, what is most likely to happen to the price?
The price will likely go up
The price will likely go down
The price will not change at all
The toy will be free
Comparative Advantage means producing with lower opportunity cost. Countries can benefit by specializing in what they make best and trading. Which choice shows that idea?
Country A makes shirts well and trades for shoes from Country B
Country A tries to make everything and never trades
Country A stops making shirts even though it is efficient
Country A trades only for items it already makes better
Which market structure has a single seller that controls the entire market?
Monopoly
Perfect Competition
Monopolistic Competition
Oligopoly
Macroeconomics looks at the economy as a whole. Which idea best matches what macroeconomics studies?
How one store sets its prices
How a country grows and stays stable
How one family saves money
How a single worker does a job
Economic growth means a country makes more goods and services over time. Which measure is used to track this growth?
Mileage
GPA
GDP
BMI
The business cycle has four parts. Which phase is the low point before recovery begins?
Expansion
Peak
Recession
Trough
Inflation is when prices rise. Stagflation is different. Which statement shows stagflation?
Prices rise while jobs grow quickly
Prices fall while unemployment falls
Prices rise and unemployment rises together
Prices stay the same every year
Which choice is a role of money?
Mean of exchange
Making laws
Growing plants
Teaching classes
Central banks help the economy by controlling the money supply and influencing inflation and interest rates. What is one reason this is important?
Stable money systems promote growth
It makes all prices free
It stops people from saving
It makes banks disappear
A bank offers interest-earning accounts to help people save. Which bank function does this show?
Savings and investments
Making toys
Price determination for securities
Teaching history
Which idea best describes Welfare Economics for a well-being economy?
It only counts how many toys people have
It studies how to use resources to help people and society be well
It is about making rules for games
It teaches animals to work in factories
Which metric shows if people’s basic needs like clean water, food, housing, and healthcare are met?
Poverty rates and access to basic needs
Number of parks in a city
How many sports teams a town has
The color of school buses
A well-being economy cares about job quality. Which example shows job quality?
Jobs with living wages, benefits like healthcare, and job security
Jobs that give candy on Fridays
Jobs where people never take breaks
Jobs with loud music every day
Income distribution talks about fairness in how money is shared. What can a well-being economy do to help families with lower incomes?
Provide social programs and create meaningful jobs that pay a living wage
Close all schools to save money
Ask families to stop working
Hide prices so people can’t compare
Which action shows responsible resource consumption to protect our environment?
Repurpose, recycle, and reduce waste in transportation, energy, and production
Use up resources as fast as possible
Throw away everything after one use
Ignore pollution to save time
DoK 1 – Recall: Cash flow splits income into needs, wants, and savings. According to the guide, what percent of income is set aside for savings?
50%
30%
20%
10%
DoK 2 – Apply: A child gets $10 each week. Using the cash flow rule (50% needs, 30% wants, 20% savings), how much should be saved each week?
$2
$3
$5
$7
DoK 3 – Reason: The digital economy happens through online connections among people, businesses, devices, and data. Which action best shows someone taking part in the digital economy?
Paying with digital money in an online store
Planting a tree in the backyard
Reading a paper book at home
Playing catch outside without any device
Read the short facts: The digital economy can help businesses by giving better customer experiences, lowering costs, raising productivity, and reaching more people. Which benefit means a business can serve more customers in new places?
Enhanced customer experience
Lower operational costs
Increased productivity
Greater market reach
Which challenge in the digital economy is about people not having equal access to online tools and services?
Regulatory hurdles
Digital divide and accessibility issues
Data privacy and cybersecurity risks
Growth of the gig economy
A small shop wants to do well in the digital economy. It plans to use data to make choices, protect customer information, and build modern online tools. Which set of actions best matches the recommendations for businesses?
Embrace innovation and sustainability; invest in digital infrastructure; focus on data-driven strategies; prioritize cybersecurity measures
Ignore new technology; lower prices only; avoid using data; share passwords
Build no online systems; rely on paper records; forget security; stop learning
Focus only on ads; skip safety checks; avoid collecting any data; delay upgrades
