Introduction to Basic Economics Concepts
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General
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~4 mins
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A medium difficulty Economics worksheet on basic economic concepts for grade 9 students. Includes questions on Basic Economic Concepts, Supply and Demand, Economic Systems and Government Role.
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Introduction to Basic Economics Concepts
Subject: GeneralGrade: General
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Introduction to Basic Economics Concepts
Instructions: Read each question carefully and answer to the best of your ability. For multiple-choice questions, select the most appropriate option. For data analysis and case study exercises, provide detailed explanations or calculations where required. You have 30 minutes to complete this worksheet.
A
Basic Economic Concepts
Questions about fundamental economic ideas such as scarcity, opportunity cost, and types of economic systems.
1.
Which of the following best describes the concept of opportunity cost?
[2 marks]AThe cost of producing one more unit of a good
BThe total cost of all resources used
CThe price consumers are willing to pay
DThe benefit of the next best alternative forgone
2.
Identify which economic system is characterized by private ownership and free markets.
[2 marks]ACommand economy
BMarket economy
CTraditional economy
DMixed economy
B
Supply and Demand
Questions exploring how supply and demand determine prices and quantities in markets.
1.
If the demand for a product increases while supply remains unchanged, what is likely to happen to the market price?
[2 marks]APrice will decrease
BPrice will increase
CPrice will stay the same
DPrice will become unstable
C
Economic Systems and Government Role
Questions about different economic systems and how governments intervene in markets.
1.
What is one main purpose of government intervention in a market economy?
[2 marks]ATo eliminate competition
BTo prevent market failures and protect consumers
CTo control all production decisions
DTo reduce taxes on businesses
D
Data Analysis / Case Study
Analyze the following data on the price of coffee over the past year and answer the questions.
1.
The table below shows the monthly average price of coffee per kilogram over six months:
| Month | Price (USD) |
|---------|--------------|
| January | 4.50 |
| February | 4.80 |
| March | 5.00 |
| April | 5.20 |
| May | 5.50 |
| June | 5.70 |
Based on this data, what economic concept explains the rising coffee prices?
[3 marks]ASupply increase
BTechnological advancement
CMarket equilibrium
DDemand increase
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- Created
- 6/1/2025
- Updated
- 12/30/2025
- Type
- worksheet