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Economics for beginners Flashcards | StudBud
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Economics for beginners
Economics for beginners
12 terms
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StudBud Administration
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228 plays
introduce the basics of economics
Flashcards
12 cards
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Practice quiz
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Questions
12
Answers
1
What is the sending of goods or services produced in one country to another country.
an export
an example of scarcity
a capital resource
an import
2
What is the opportunity cost of sking with family rather than cruising with friends?
the chance to eat meals with family
the fitness of skiing
the new beanie Nanna knitted
the missed chance to relax by a pool
3
Bringing in goods or services into a country from abroad for sale is an example of an:
output
input
import
export
4
Resources to produce goods & services are limited and society's wants are unlimited leading to
refunds
scarcity
economy
bankruptcy
5
The consumers, producers, government and financial institutions make up the:
world bank
the economy
VCAT
the government
6
The benefits I miss out on by making a particular decision is what is meant by:
income
profit
opportunity cost
deficit
7
The people who produce a good or service are the:
labour force
natural resource
capital resource
economy
8
An item that people can purchase and touch:
a tutoring session
a hair cut
a car service
a mobile phone
9
A tax on imported goods and services is called:
trade partner
a refund
a tarrif
a scarcity
10
Australia exports sheep to countries that are known as:
profiteers
producers
trading partners
consumers
11
A deficit results from :
level income and spending
greater profits than loss
imbalance of refunds
greater loss than profit
12
What is an example of a capital resource to build a school?
parents
bricks
children
bank loan
