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2.1 Worksheet
1. In the broadest sense, the human “household” is ___________.
2. The study of how resources are converted into goods and services and how these goods and services are
distributed and used is called ________________.
3. Goods are what? _______________
4. Services are what? _________________
5. There are 3 types of economies. State them and describe them briefly.
6. In economics, you want supply and demand to be ____________.
7. What happens when supply is low for a product?
8. What happens when supply is high for a product and demand is low?
9. What happens when there is demand for a product and supply is low?
10. Give three examples of cost benefit analysis that exist in your life.
11. What are non-market values? Give 3 examples of non-market values.
12. Give an example of market failure. Read the one in your book and give one as an example that is unlike this one.
13. What do the following ecolabels mean when you find them on a good that you purchase?