WorksheetsUnit 1 Day 1
Total questions: 14
Worksheet time: 7mins
Which of the following best describes economics?
The study of plants and animals
The study of how money is created, used, and exchanged in society
The study of weather patterns
The study of ancient history
Which of the following statements is true about economics?
It only involves people who work
It is about how money is created, used, and exchanged
It is not related to families or communities
It does not affect anyone’s choices
Which of the following best explains why everyone has a place in the economy?
Everyone uses goods and services and is part of a community
Only people with jobs are part of the economy
Only people who spend money are part of the economy
Only business owners are part of the economy
Which of the following is an everyday action that connects you to the economy?
Working for wages
Reading a book
Playing sports
Watching TV
Buying goods and services is an example of what?
An action that connects you to the economy
A way to avoid taxes
A form of entertainment
A government policy
How does working for wages connect you to the economy?
It allows you to earn money, which you can use to buy goods and services
It is unrelated to the economy
It only benefits the government
It is a form of entertainment
Which action is directly related to the movement of money in the economy?
Paying taxes
Sleeping
Drawing pictures
Reading novels
Based on the material, which of the following is a way the government is involved in the economy?
By collecting taxes
By selling only goods
By ignoring money movement
By not interacting with businesses
Which of the following is NOT a feature of a barter system?
Using money for exchange
Exchanging goods directly
No use of money
Trading items
Which system relies on the idea that favors will be returned later?
Gift economy
Barter system
Modern money system
Credit system
Why might someone participate in a gift economy?
To build trust and relationships
To earn money quickly
To avoid trading goods
To use credit cards
What is the main motivation for businesses in a market economy?
Economic incentives
Government orders
Social traditions
Random chance
What does “laissez-faire” mean in the context of a market economy?
To let be
To control strictly
To compete
To regulate
What is the role of supply and demand in a market economy?
Determines prices
Sets government policies
Decides business ownership
Controls competition
