Grade 11 Economics: Understanding the Economy
This worksheet covers fundamental concepts of economics for Grade 11 students, including economic systems, supply and demand, and economic indicators.
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Grade 11 Economics: Understanding the Economy
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Read each question carefully and answer to the best of your ability. For multiple-choice questions, circle the letter corresponding to the correct answer. For fill-in-the-blank questions, complete the sentence with the appropriate term. For short answer questions, provide a concise and accurate response.
1. Which of the following is NOT one of the basic economic questions?
What to produce?
How to produce?
When to produce?
For whom to produce?
2. In a market economy, decisions about production and prices are primarily determined by:
Government planning
Supply and demand
Tradition and custom
Religious beliefs
3. The study of how societies use scarce resources to satisfy unlimited wants is called .
4. When the quantity supplied of a good or service is greater than the quantity demanded, a exists.
5. Scarcity is a fundamental economic problem that all societies face.
True
False
6. Gross Domestic Product (GDP) measures the total value of all goods and services produced within a country's borders in a specific time period.
True
False
7. Briefly explain the concept of opportunity cost and provide an example.
8. Differentiate between a recession and a depression.
Use the words below to complete the sentences.
9. A general increase in prices and fall in the purchasing value of money is called .
10. The percentage of the labor force that is jobless and actively seeking employment is known as .