Economics

Something people want that you can hold or touch are known as _____.
(ex. car, candy, pencil, books, CD's...)
1. goods
2. services
3. capital resources
4. consumers
Something people do for other people is/are known as _____.
(ex. haircut, bus driver, doctor ...)
1. services
2. goods
3. specialization
4. producers
_____ is the study of conditions that affect production, distribution, and consumption of wealth to satisfy human desires.
1. Economics
2. Scarcity
3. Taxation
4. Law of supply and demand
Trading a good or service for another good or service without using money is known as _____.
(ex. trade a baseball card for bag of chips...no money involved)
1. barter
2. service
3. taxation
4. interdependence
_____ is when people depend on each other.
(ex. a car factory)
1. Interdependence
2. Economics
3. Scarcity
4. Opportunity cost
People performing certain jobs is known as _____.
(ex. doctor, lawyer, cashier, banker, surgeon)
1. specialization
2. interdependence
3. economics
4. capital resources
_____ is what you give up to get something else.
(ex. choose between a soda and an ice cream...I choose soda, so my _____ _____ is the ice cream)
1. Opportunity cost
2. Capital resource
3. Human resource
4. Natural resource
_____ happens when there is not enough of something you want.
(ex. some stores experience this when they sell out of an item)
1. Scarcity
2. Taxation
3. Opportunity cost
4. Crying
_____ are what exists or grows in nature and is something humans use.
(ex. water, land, trees, oil)
1. Natural resources
2. Human resources
3. Capital resources
4. Unexpected resources
Physical skills of people that are used to produce goods or services are known as _____.
(ex. doctor, builder, baker, web page designer)
1. human resources
2. natural resources
3. capital resources
4. handy resources
The buildings, equipment, roads, machinery, and other constructed items needed to produce goods or provide services are known as _____.
(ex. hammer, computer, bull dozer, crane, drill, scissors...)
1. capital resources
2. human resources
3. natural resources
4. "stuff" resources
A sum of money that must be charged by the government for goods and services is called _____.
(ex. We pay money to the government. The government provides us with public libraries, policemen, firemen, mail carriers, schools...)
1. taxation
2. opportunity cost
3. scarcity
4. economics
A person who uses a good or service is a(n) _____.
(If I buy lunch at school, I am this)
1. consumer
2. producer
3. economist
4. human resource
A person who makes a good or service is a _____.
(ex. farmer, builder, weaver, baker)
1. producer
2. consumer
3. barterer
4. human resource
When supply is up, demand and price go down;
when supply is down, demand and price go up is known as _____.
(ex. There are 500 boxes of candy canes left over after Christmas (supply is up). Nobody wants candy canes after Christmas (demand is down). Prices of the candy canes will go down.)
1. Law of supply and demand
2. Law of checks and balances
3. Law of gravity
4. Murphy's Law

Economics

Economics

Multiple-Choice Exercise
Content © 2004 Tami Maloney; Author of Activity: Tami Maloney; All rights reserved. No commercial, for-profit use of this material is allowed. E-mail comments and questions to Tami Maloney.

Something people want that you can hold or touch are known as _____.
(ex. car, candy, pencil, books, CD's...)

Something people do for other people is/are known as _____.
(ex. haircut, bus driver, doctor ...)

_____ is the study of conditions that affect production, distribution, and consumption of wealth to satisfy human desires.

Trading a good or service for another good or service without using money is known as _____.
(ex. trade a baseball card for bag of chips...no money involved)

_____ is when people depend on each other.
(ex. a car factory)

People performing certain jobs is known as _____.
(ex. doctor, lawyer, cashier, banker, surgeon)

___ is what you give up to get something else.
(ex. choose between a soda and an ice cream...I choose soda, so my _ ___ is the ice cream)

_____ happens when there is not enough of something you want.
(ex. some stores experience this when they sell out of an item)

_____ are what exists or grows in nature and is something humans use.
(ex. water, land, trees, oil)

Physical skills of people that are used to produce goods or services are known as _____.
(ex. doctor, builder, baker, web page designer)

The buildings, equipment, roads, machinery, and other constructed items needed to produce goods or provide services are known as _____.
(ex. hammer, computer, bull dozer, crane, drill, scissors...)

A sum of money that must be charged by the government for goods and services is called _____.
(ex. We pay money to the government. The government provides us with public libraries, policemen, firemen, mail carriers, schools...)

A person who uses a good or service is a(n) _____.
(If I buy lunch at school, I am this)

A person who makes a good or service is a _____.
(ex. farmer, builder, weaver, baker)

When supply is up, demand and price go down;
when supply is down, demand and price go up is known as _____.
(ex. There are 500 boxes of candy canes left over after Christmas (supply is up). Nobody wants candy canes after Christmas (demand is down). Prices of the candy canes will go down.)

Economics

Economics

Multiple-Choice ExerciseContent © 2004 Tami Maloney; Author of Activity: Tami Maloney; All rights reserved. No commercial, for-profit use of this material is allowed. E-mail comments and questions to Tami Maloney.

Something people want that you can hold or touch are known as _____.(ex. car, candy, pencil, books, CD's...)

Something people do for other people is/are known as _____.(ex. haircut, bus driver, doctor ...)

_____ is the study of conditions that affect production, distribution, and consumption of wealth to satisfy human desires.

Trading a good or service for another good or service without using money is known as _____.(ex. trade a baseball card for bag of chips...no money involved)

_____ is when people depend on each other.(ex. a car factory)

People performing certain jobs is known as _____.(ex. doctor, lawyer, cashier, banker, surgeon)

_____ is what you give up to get something else.(ex. choose between a soda and an ice cream...I choose soda, so my _____ _____ is the ice cream)

_____ happens when there is not enough of something you want.(ex. some stores experience this when they sell out of an item)

_____ are what exists or grows in nature and is something humans use.(ex. water, land, trees, oil)

Physical skills of people that are used to produce goods or services are known as _____.(ex. doctor, builder, baker, web page designer)

The buildings, equipment, roads, machinery, and other constructed items needed to produce goods or provide services are known as _____.(ex. hammer, computer, bull dozer, crane, drill, scissors...)

A sum of money that must be charged by the government for goods and services is called _____.(ex. We pay money to the government. The government provides us with public libraries, policemen, firemen, mail carriers, schools...)

A person who uses a good or service is a(n) _____.(If I buy lunch at school, I am this)

A person who makes a good or service is a _____.(ex. farmer, builder, weaver, baker)

When supply is up, demand and price go down; when supply is down, demand and price go up is known as _____.(ex. There are 500 boxes of candy canes left over after Christmas (supply is up). Nobody wants candy canes after Christmas (demand is down). Prices of the candy canes will go down.)

Multiple-Choice Exercise
Content © 2004 Tami Maloney; Author of Activity: Tami Maloney; All rights reserved. No commercial, for-profit use of this material is allowed. E-mail comments and questions to Tami Maloney.

Something people want that you can hold or touch are known as _____.
(ex. car, candy, pencil, books, CD's...)

Something people do for other people is/are known as _____.
(ex. haircut, bus driver, doctor ...)

Trading a good or service for another good or service without using money is known as _____.
(ex. trade a baseball card for bag of chips...no money involved)

_____ is when people depend on each other.
(ex. a car factory)

People performing certain jobs is known as _____.
(ex. doctor, lawyer, cashier, banker, surgeon)

___ is what you give up to get something else.
(ex. choose between a soda and an ice cream...I choose soda, so my _ ___ is the ice cream)

_____ happens when there is not enough of something you want.
(ex. some stores experience this when they sell out of an item)

_____ are what exists or grows in nature and is something humans use.
(ex. water, land, trees, oil)

Physical skills of people that are used to produce goods or services are known as _____.
(ex. doctor, builder, baker, web page designer)

The buildings, equipment, roads, machinery, and other constructed items needed to produce goods or provide services are known as _____.
(ex. hammer, computer, bull dozer, crane, drill, scissors...)

A sum of money that must be charged by the government for goods and services is called _____.
(ex. We pay money to the government. The government provides us with public libraries, policemen, firemen, mail carriers, schools...)

A person who uses a good or service is a(n) _____.
(If I buy lunch at school, I am this)

A person who makes a good or service is a _____.
(ex. farmer, builder, weaver, baker)

When supply is up, demand and price go down;
when supply is down, demand and price go up is known as _____.
(ex. There are 500 boxes of candy canes left over after Christmas (supply is up). Nobody wants candy canes after Christmas (demand is down). Prices of the candy canes will go down.)