Introduction to Economy
This worksheet introduces fundamental economic concepts relevant to Grade 10 Social Studies, covering basic definitions, market structures, and economic indicators.
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Introduction to Economy
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Read each question carefully and answer to the best of your ability.
1. What is the fundamental problem of economics?
Unlimited resources
Scarcity
Overproduction
Lack of demand
2. In a market economy, who primarily makes decisions about production and consumption?
The government
Individuals and businesses
International organizations
Non-profit organizations
3. The study of how societies allocate their scarce resources to satisfy unlimited wants and needs is called .
4. refers to the value of the next best alternative that is given up when making a choice.
5. In a command economy, the government has little to no control over economic decisions.
True
False
6. Gross Domestic Product (GDP) measures the total value of goods and services produced within a country's borders in a specific time period.
True
False
7. Briefly explain the difference between microeconomics and macroeconomics.
Match each economic term on the left with its definition on the right.
8. Supply
a. The desire of consumers for a good or service
9. Demand
b. The total amount of a specific good or service that is available to consumers
10. Equilibrium
c. The point where supply and demand are equal