Basic Economic Concepts Worksheet

What is the basic economic problem?

• Too many shops

• Relative scarcity

• Unlimited needs

• Balanced wants

Which of the following is an example of a want?

• Water

• A gaming console

• Food

• Shelter

Which factor of production refers to natural resources?

• Land

• Labour

• Capital

• Enterprise

Who is a producer?

• A person who buys products

• A person who makes and sells goods or services

• A bank manager

• A teacher

An opportunity cost is:

• The first thing you buy

• The next best alternative foregone

• The amount you spend

• The total number of options

Which of the following is NOT a question economists ask?

• How are goods produced?

• Where are goods produced?

• For whom are goods produced?

Which is NOT capital in Economics?

• A fishing net

• A family car

• A factory machine

• A delivery truck

A 'brand loyal consumer' is someone who:

• Always buys the cheapest option

• Only buys what they need

• Sticks to their favourite brands

• Buys what’s on TV

A discount consumer:

• Seeks the best value for money

• Always buys the same brand

• Ignores prices

• Buys randomly

An example of a need is:

• A car

• Water

• Chocolate

• Video games