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Trade, sectors & economic choices

Understand imports, exports, opportunity cost, supply and demand, and primary, secondary and tertiary sectors. Review suitability for your learners before teaching.

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Worksheet StudioPractice pack · Ages 13-15

Trade, sectors & economic choices

Take your time. Show your thinking.

1. What is the difference between the value of a country’s exports and the value of its imports over a period: the balance of trade or the interest rate?
What is the difference bet… · Trade, sectors & economic …
2. What is the fundamental economic problem that arises because human wants are unlimited while natural, labour and capital resources are finite: scarcity or abundance?
What is the fundamental ec… · Trade, sectors & economic …
3. When a country or region focuses on producing the goods and services it can make most efficiently and trades for the rest, this is called: specialisation or autarky?
When a country or region f… · Trade, sectors & economic …
4. What tax is levied by a government on imported foreign goods entering a country: a tariff (customs duty) or a dividend?
What tax is levied by a go… · Trade, sectors & economic …
5. Which economic sector provides services rather than physical goods, such as education, healthcare, banking, transport and tourism: the tertiary sector or the primary sector?
Which economic sector prov… · Trade, sectors & economic …
6. What do we call a market structure in which a single firm is the sole seller of a product with no close substitutes: a monopoly or perfect competition?
What do we call a market s… · Trade, sectors & economic …
7. Why do many island nations rely heavily on international maritime shipping and ports: limited domestic land and raw materials mean most fuel, food and machinery are traded by sea, or ships use no energy?
Why do many island nations… · Trade, sectors & economic …
8. In production, tools, machinery, factories and computers used to make other goods and services are classified as: physical capital or land?
In production, tools, mach… · Trade, sectors & economic …
9. According to the law of demand (all else equal), when the price of a good rises, what happens to the quantity demanded: it decreases or it increases?
According to the law of de… · Trade, sectors & economic …
10. If two goods are substitutes (such as tea and coffee), what usually happens to the demand for tea if the price of coffee rises sharply: demand for tea increases, or demand for tea falls to zero?
If two goods are substitut… · Trade, sectors & economic …
11. If two goods are complements used together (such as printers and ink cartridges), what happens to demand for ink cartridges if printers become much cheaper: demand increases, or demand stops?
If two goods are complemen… · Trade, sectors & economic …
12. The knowledge, skills, education and health that workers acquire through training and experience are called: human capital or natural resources?
The knowledge, skills, edu… · Trade, sectors & economic …

12 questions · Seed 42 · Age guidance, not curriculum certification

View the answer key

Worksheet StudioAnswer key · Ages 13-15

Trade, sectors & economic choices

Answers and reasoning. Review before teaching.

1. What is the difference between the value of a country’s exports and the value of its imports over a period: the balance of trade or the interest rate?
Balance of trade
Balance of trade = Exports − Imports (a trade surplus if positive, a trade deficit if negative).
2. What is the fundamental economic problem that arises because human wants are unlimited while natural, labour and capital resources are finite: scarcity or abundance?
Scarcity
Scarcity requires societies to decide how to allocate limited resources.
3. When a country or region focuses on producing the goods and services it can make most efficiently and trades for the rest, this is called: specialisation or autarky?
Specialisation
Specialisation and trade allow partners to benefit from comparative advantage.
4. What tax is levied by a government on imported foreign goods entering a country: a tariff (customs duty) or a dividend?
Tariff (customs duty)
Tariffs raise the price of imported goods relative to domestic alternatives.
5. Which economic sector provides services rather than physical goods, such as education, healthcare, banking, transport and tourism: the tertiary sector or the primary sector?
Tertiary sector
Service industries make up the tertiary sector.
6. What do we call a market structure in which a single firm is the sole seller of a product with no close substitutes: a monopoly or perfect competition?
Monopoly
A monopoly has a single supplier that holds significant market power over price.
7. Why do many island nations rely heavily on international maritime shipping and ports: limited domestic land and raw materials mean most fuel, food and machinery are traded by sea, or ships use no energy?
Limited domestic land and raw materials mean most fuel, food and machinery are traded by sea
Sea freight is the primary lifeline connecting island economies to global supply chains.
8. In production, tools, machinery, factories and computers used to make other goods and services are classified as: physical capital or land?
Physical capital
Physical capital consists of human-made durable goods used in further production.
9. According to the law of demand (all else equal), when the price of a good rises, what happens to the quantity demanded: it decreases or it increases?
It decreases
Consumers generally buy less of a product when its price increases, ceteris paribus.
10. If two goods are substitutes (such as tea and coffee), what usually happens to the demand for tea if the price of coffee rises sharply: demand for tea increases, or demand for tea falls to zero?
Demand for tea increases
When one substitute becomes more expensive, some consumers switch to the other.
11. If two goods are complements used together (such as printers and ink cartridges), what happens to demand for ink cartridges if printers become much cheaper: demand increases, or demand stops?
Demand increases
Cheaper printers lead more people to buy printers, increasing demand for compatible ink.
12. The knowledge, skills, education and health that workers acquire through training and experience are called: human capital or natural resources?
Human capital
Investing in education and training builds human capital and raises productivity.

12 questions · Seed 42 · Age guidance, not curriculum certification

Worksheet StudioPractice pack · Ages 13-15

Trade, sectors & economic choices

Take your time. Show your thinking.

1. What is the difference between the value of a country’s exports and the value of its imports over a period: the balance of trade or the interest rate?
What is the difference bet… · Trade, sectors & economic …
2. What is the fundamental economic problem that arises because human wants are unlimited while natural, labour and capital resources are finite: scarcity or abundance?
What is the fundamental ec… · Trade, sectors & economic …
3. When a country or region focuses on producing the goods and services it can make most efficiently and trades for the rest, this is called: specialisation or autarky?
When a country or region f… · Trade, sectors & economic …
4. What tax is levied by a government on imported foreign goods entering a country: a tariff (customs duty) or a dividend?
What tax is levied by a go… · Trade, sectors & economic …
5. Which economic sector provides services rather than physical goods, such as education, healthcare, banking, transport and tourism: the tertiary sector or the primary sector?
Which economic sector prov… · Trade, sectors & economic …
6. What do we call a market structure in which a single firm is the sole seller of a product with no close substitutes: a monopoly or perfect competition?
What do we call a market s… · Trade, sectors & economic …
7. Why do many island nations rely heavily on international maritime shipping and ports: limited domestic land and raw materials mean most fuel, food and machinery are traded by sea, or ships use no energy?
Why do many island nations… · Trade, sectors & economic …
8. In production, tools, machinery, factories and computers used to make other goods and services are classified as: physical capital or land?
In production, tools, mach… · Trade, sectors & economic …
9. According to the law of demand (all else equal), when the price of a good rises, what happens to the quantity demanded: it decreases or it increases?
According to the law of de… · Trade, sectors & economic …
10. If two goods are substitutes (such as tea and coffee), what usually happens to the demand for tea if the price of coffee rises sharply: demand for tea increases, or demand for tea falls to zero?
If two goods are substitut… · Trade, sectors & economic …
11. If two goods are complements used together (such as printers and ink cartridges), what happens to demand for ink cartridges if printers become much cheaper: demand increases, or demand stops?
If two goods are complemen… · Trade, sectors & economic …
12. The knowledge, skills, education and health that workers acquire through training and experience are called: human capital or natural resources?
The knowledge, skills, edu… · Trade, sectors & economic …

12 questions · Seed 42 · Age guidance, not curriculum certification

Worksheet StudioAnswer key · Ages 13-15

Trade, sectors & economic choices

Answers and reasoning. Review before teaching.

1. What is the difference between the value of a country’s exports and the value of its imports over a period: the balance of trade or the interest rate?
Balance of trade
Balance of trade = Exports − Imports (a trade surplus if positive, a trade deficit if negative).
2. What is the fundamental economic problem that arises because human wants are unlimited while natural, labour and capital resources are finite: scarcity or abundance?
Scarcity
Scarcity requires societies to decide how to allocate limited resources.
3. When a country or region focuses on producing the goods and services it can make most efficiently and trades for the rest, this is called: specialisation or autarky?
Specialisation
Specialisation and trade allow partners to benefit from comparative advantage.
4. What tax is levied by a government on imported foreign goods entering a country: a tariff (customs duty) or a dividend?
Tariff (customs duty)
Tariffs raise the price of imported goods relative to domestic alternatives.
5. Which economic sector provides services rather than physical goods, such as education, healthcare, banking, transport and tourism: the tertiary sector or the primary sector?
Tertiary sector
Service industries make up the tertiary sector.
6. What do we call a market structure in which a single firm is the sole seller of a product with no close substitutes: a monopoly or perfect competition?
Monopoly
A monopoly has a single supplier that holds significant market power over price.
7. Why do many island nations rely heavily on international maritime shipping and ports: limited domestic land and raw materials mean most fuel, food and machinery are traded by sea, or ships use no energy?
Limited domestic land and raw materials mean most fuel, food and machinery are traded by sea
Sea freight is the primary lifeline connecting island economies to global supply chains.
8. In production, tools, machinery, factories and computers used to make other goods and services are classified as: physical capital or land?
Physical capital
Physical capital consists of human-made durable goods used in further production.
9. According to the law of demand (all else equal), when the price of a good rises, what happens to the quantity demanded: it decreases or it increases?
It decreases
Consumers generally buy less of a product when its price increases, ceteris paribus.
10. If two goods are substitutes (such as tea and coffee), what usually happens to the demand for tea if the price of coffee rises sharply: demand for tea increases, or demand for tea falls to zero?
Demand for tea increases
When one substitute becomes more expensive, some consumers switch to the other.
11. If two goods are complements used together (such as printers and ink cartridges), what happens to demand for ink cartridges if printers become much cheaper: demand increases, or demand stops?
Demand increases
Cheaper printers lead more people to buy printers, increasing demand for compatible ink.
12. The knowledge, skills, education and health that workers acquire through training and experience are called: human capital or natural resources?
Human capital
Investing in education and training builds human capital and raises productivity.

12 questions · Seed 42 · Age guidance, not curriculum certification