Name: ____________________________________________ Name: ____________________________________________

Grade/ Section/ Strand: ____________________________ Grade/ Section/ Strand: ____________________________

Date: ___________________ Score: ________________ Date: ___________________ Score: ________________
I. MATCHING TYPE. Write your answers on the space provided.
I. MATCHING TYPE. Write your answers on the space provided.
a) Services
a) Services
b) Capital
b) Capital
c) Scarcity
c) Scarcity
d) Land
d) Land
e) Labor
e) Labor
f) Shortage
f) Shortage
g) Need
g) Need
h) Economics
h) Economics

_____ 1. The study of how people make choices to satisfy their wants
_____ 1. The study of how people make choices to satisfy their wants
_____ 2. Occurs when there are limited quantities of resources to meet unlimited
_____ 2. Occurs when there are limited quantities of resources to meet unlimited
needs or desires
needs or desires
_____ 3. Occur when producers will not or cannot offer goods or services at current
_____ 3. Occur when producers will not or cannot offer goods or services at current
prices
prices
_____ 4. All natural resources that are used to produce goods and services
_____ 4. All natural resources that are used to produce goods and services
_____ 5. Any effort a person devotes to a task for which that person is paid
_____ 5. Any effort a person devotes to a task for which that person is paid
_____ 6. Any human- made resource that is used to create goods and services
_____ 6. Any human- made resource that is used to create goods and services
_____ 7. Something essential for survival
_____ 7. Something essential for survival
_____ 8. Actions or activities one person performs for another
_____ 8. Actions or activities one person performs for another

1) economic system
1) economic system
2) traditional economy
2) traditional economy
3) command economy
3) command economy
4) market economy
4) market economy
5) market economy advantage
5) market economy advantage

_____ a. economic system in which basic economic decisions are made by a central
_____ a. economic system in which basic economic decisions are made by a central
authority
authority
_____ b. economic system in which basic economic activity stems from ritual, habit, or
_____ b. economic system in which basic economic activity stems from ritual, habit, or
custom
custom
_____ c. economic system in which traditional, command, and market economies are
_____ c. economic system in which traditional, command, and market economies are
mixed
mixed
_____ d. an organized way of providing for the wants and needs of a society
_____ d. an organized way of providing for the wants and needs of a society
_____ e. economic system in which basic economic decisions are made by people
_____ e. economic system in which basic economic decisions are made by people
and firms acting in their own best interests
and firms acting in their own best interests
_____ f. relatively small degree of government interference
_____ f. relatively small degree of government interference

II. Identify those symbols, letters or acronyms related to Economics. Write the
II. Identify those symbols, letters or acronyms related to Economics. Write the
descriptions on the space provided.
descriptions on the space provided.

1. Y= _____________________________
1. Y= _____________________________
2. C= _____________________________
2. C= _____________________________
3. g/s= ____________________________
3. g/s= ____________________________
4. I= ______________________________
4. I= ______________________________
5. G= _____________________________
5. G= _____________________________
6. X= _____________________________
6. X= _____________________________
7. PP=____________________________
7. PP=____________________________
8. COLA= _________________________
8. COLA= _________________________
9. GDP= __________________________
9. GDP= __________________________
10. GNP= _________________________
10. GNP= _________________________
11. GNI= __________________________
11. GNI= __________________________
12. CPI= _________________________
12. CPI= _________________________

Prepared by: Prepared by:

BRIAN S. INCOGNITO, MBA, LPT BRIAN S. INCOGNITO, MBA, LPT

Subject Teacher Subject Teacher