Introduction to Economy
This worksheet introduces Grade 9 students to fundamental economic concepts such as scarcity, economic systems, and factors of production.
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Introduction to Economy
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Read each question carefully and answer to the best of your ability. This worksheet covers basic concepts of economics.
1. What is the fundamental economic problem that all societies face?
Inflation
Scarcity
Unemployment
Surplus
2. Which of the following is NOT considered a factor of production?
Land
Labor
Money
Capital
3. The study of how societies use scarce resources to satisfy unlimited wants is called .
4. A economy is one where the government makes all economic decisions.
5. In a market economy, consumers have little to no influence over what goods and services are produced.
True
False
6. Opportunity cost is the value of the next best alternative that must be foregone when a choice is made.
True
False
7. Briefly explain the difference between a need and a want, providing an example for each.
8. Describe the role of entrepreneurs in an economy.
Match each economic term on the left with its definition on the right.
9. Command Economy
a. The resources used to produce goods and services
10. Factors of Production
b. An economic system where the government controls the factors of production
11. Mixed Economy
c. An economic system combining elements of both market and command economies