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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. 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 …
2. 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 …
3. What is a financial payment or tax break given by a government to support domestic producers or lower the cost of an essential good (such as renewable energy or public transport): a subsidy or a tariff?
What is a financial paymen… · 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. According to the law of supply (all else equal), when the market price of a good rises, what happens to the quantity supplied by producers: it increases or it decreases?
According to the law of su… · Trade, sectors & economic …
7. 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 …
8. 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 …
9. Which economic sector processes raw materials into manufactured goods and builds infrastructure (factories, construction, boatbuilding): the secondary sector or the primary sector?
Which economic sector proc… · Trade, sectors & economic …
10. 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 …
11. 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. 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 …

12 questions · Seed 43 · 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. 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.
2. 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.
3. What is a financial payment or tax break given by a government to support domestic producers or lower the cost of an essential good (such as renewable energy or public transport): a subsidy or a tariff?
Subsidy
Subsidies lower production or consumption costs to encourage beneficial activities.
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. According to the law of supply (all else equal), when the market price of a good rises, what happens to the quantity supplied by producers: it increases or it decreases?
It increases
Higher prices give producers an incentive to supply a larger quantity to the market.
7. 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.
8. 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.
9. Which economic sector processes raw materials into manufactured goods and builds infrastructure (factories, construction, boatbuilding): the secondary sector or the primary sector?
Secondary sector
The secondary sector transforms raw materials into finished products.
10. 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.
11. 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. 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.

12 questions · Seed 43 · Age guidance, not curriculum certification

Worksheet StudioPractice pack · Ages 13-15

Trade, sectors & economic choices

Take your time. Show your thinking.

1. 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 …
2. 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 …
3. What is a financial payment or tax break given by a government to support domestic producers or lower the cost of an essential good (such as renewable energy or public transport): a subsidy or a tariff?
What is a financial paymen… · 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. According to the law of supply (all else equal), when the market price of a good rises, what happens to the quantity supplied by producers: it increases or it decreases?
According to the law of su… · Trade, sectors & economic …
7. 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 …
8. 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 …
9. Which economic sector processes raw materials into manufactured goods and builds infrastructure (factories, construction, boatbuilding): the secondary sector or the primary sector?
Which economic sector proc… · Trade, sectors & economic …
10. 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 …
11. 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. 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 …

12 questions · Seed 43 · Age guidance, not curriculum certification

Worksheet StudioAnswer key · Ages 13-15

Trade, sectors & economic choices

Answers and reasoning. Review before teaching.

1. 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.
2. 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.
3. What is a financial payment or tax break given by a government to support domestic producers or lower the cost of an essential good (such as renewable energy or public transport): a subsidy or a tariff?
Subsidy
Subsidies lower production or consumption costs to encourage beneficial activities.
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. According to the law of supply (all else equal), when the market price of a good rises, what happens to the quantity supplied by producers: it increases or it decreases?
It increases
Higher prices give producers an incentive to supply a larger quantity to the market.
7. 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.
8. 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.
9. Which economic sector processes raw materials into manufactured goods and builds infrastructure (factories, construction, boatbuilding): the secondary sector or the primary sector?
Secondary sector
The secondary sector transforms raw materials into finished products.
10. 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.
11. 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. 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.

12 questions · Seed 43 · Age guidance, not curriculum certification