Transcription of Period Worksheet Basic Economic Concepts 2]
1 Name _____ Period _____ Page # 1. (opinion) Name three things that are scarce in your life. a. _____ b. _____ c. _____ 5 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.
2 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 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 - _____. 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 _____.
3 35 26. What is the main strength of a command economy? _____ Worksheet Basic Economic Concepts [Chapters 1 & 2] LAND LABOR CAPITAL ENTREPRENEUR Gifts of nature Hired Help Man-made inputs (the boss ) On page 15, there is a circular flow model for exchanges in the Choose an answer from the right column that goes with the proper flow. ___ 14. Flow #1 ___ 15. Flow #2 ___ 16. Flow #3 ___ 17. Flow #4 A. Products(goods/services) sold B. Firms make payments (rent, Wages, interest, & profit) C. Consumer spending D. Households sell resources (land, labor, capital, & entrepreneurial ability) 36 34. Give two disadvantages of the command economy. A. _____ B. _____ 36 35. Give three advantages of the market economy. A. _____ B. _____ C. _____ ___ 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)?
4 ___ 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 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.
5 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)
