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Worksheet Basic EconomicConcepts PDF

1. The document is a worksheet on basic economic concepts from chapters 1 and 2, containing fill-in-the-blank and multiple choice questions. 2. It covers topics like scarcity, the fundamental economic problem, the three basic questions societies must answer, productive resources, and different types of economies. 3. The circular flow model shows the flow of goods, services and payments between households and firms in a market economy.

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iJeng Rallu
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178 views2 pages

Worksheet Basic EconomicConcepts PDF

1. The document is a worksheet on basic economic concepts from chapters 1 and 2, containing fill-in-the-blank and multiple choice questions. 2. It covers topics like scarcity, the fundamental economic problem, the three basic questions societies must answer, productive resources, and different types of economies. 3. The circular flow model shows the flow of goods, services and payments between households and firms in a market economy.

Uploaded by

iJeng Rallu
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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Name ____________________

Period _______ Worksheet – Basic Economic Concepts


[Chapters 1 & 2]
Page #
1. (opinion) Name three things that are scarce in your life.
a. ___________________ b. ____________________ c. ____________________
5 2.The fundamental economic problem facing all societies is that of ________________.
6 3. A ______ is a basic requirement for survival & includes _______, ________, & ________.
6 4. A __________ is a way of expressing a need.
6 5. What does TINSTAAFL mean? ______ ___ ___ _____ _______ ____ __ _____ ______
6 6. The three basic questions every society must answer in dealing with scarcity are:
_________, _______, and ______ ________ to produce.
7 7. The resources required to produce the things we would like to have are called the
_______ __ __________ & include _______, _________, __________, & _________.
7 8. Capital goods[“real capital”] include _______, ___________, ___________, & _________.
7 9. Financial capital - ________ used to buy the tools and equipment used in production.
10. List each term below in on of the table columns. No terms will apply to more than one column.
All columns will be filled.
Coal Natural Gas Hammer Delta owner Nurse
Doctor Veterinarian Computer Delta pilot Receptionist
River Telephone operator Oil Delta plane Tractor
Bill Gates Dallas Cowboys owner cook Telephone Forest
LAND LABOR CAPITAL ENTREPRENEUR
“Gifts of nature” “Hired Help” “Man-made inputs” (the “boss”)

12 11. A __________ is an item that is economically useful.


12 12. A _______ good is for final use. A ______ good is used to produce other goods.
13 13. Utility - __________________________________________________________.
On page 15, there is a circular flow model for exchanges in the U.S. Choose an
answer from the right column that goes with the proper flow.
___ 14. Flow #1 A. Products(goods/services) sold
___ 15. Flow #2 B. Firms make payments (rent,
___ 16. Flow #3 Wages, interest, & profit)
___ 17. Flow #4 C. Consumer spending
D. Households sell resources (land,
labor, capital, & entrepreneurial ability)

17 18. __________ _______________ means we rely on others[& they rely on us] to provide g/s.
19 19. _______________ are alternative choices we could make when making decisions.
20 20. _____________ _________ is the cost of the next best alternative(2nd best choice).
34 21. In a ___________ economy, what, how, & for whom is decided by ritual, habit, or custom.
34 22. Three examples of traditional societies are the __________, __________ & ___________.
34 23. What is the main advantage of traditional economies? ____________________________
35 24. A __________ economy is one in which a central authority makes all decisions.
35 25. Two command economies are _________________ and _______________.
35 26. What is the main strength of a command economy? _______________________________
___ 27. At what letter can you get the most “capital goods”?
___ 28. What letter would represent underemployment or
a recession(not producing at full efficiency)?
___ 29. What letter could represent an advance in technology?
___ 30. At what letter can you get the “most consumer goods”?
___ 31. The opportunity cost of moving from “B” to “C” is
a. consumer goods gained
b. capital goods gained
c. capital goods given up
___ 32. Which of these answers represents all resources are
being used efficiently?
a. “D” B. “E” C. “A, B, & C”
___ 33. Producing at what letter today will give the most growth
in the future[have more productive resources]?
a. A b. B c. C

36 34. Give two disadvantages of the command economy.


A. ___________________________________________________________________________
B. ___________________________________________________________________________
36 35. Give three advantages of the market economy.
A. _____________________________________________________________________
B. _____________________________________________________________________
C. _____________________________________________________________________

Across with page numbers


1. productive resources (7)
10. natural resource not created by
human effort (7)
11. social science that studies human
efforts to satisfy wants (6)
12. money used to buy tools and
equipment used in production (7)
13. alternative choices (19)
14. basic requirement for survival (6)
16. people with efforts, abilities, and
skills (8)
18. worth of a good or service (13)
19. place for buying and selling a
product (14)
20. capacity to be useful (13)

Down with page numbers


2. transferable, useful, somewhat
scarce good or service (12)
3. risk-taker (8)
4. efficient use of resources (15)
5. division of labor (16)
6. items that last for less than three years (13)
7. condition caused by unlimited wants and limited resources (5)
8. process of using up goods and services (13)
9. work performed for someone (13)
15. sum of tangible, scarce, useful, transferable products (14)
17. means of expressing a need (6)

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