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Basics of Economics Flashcards | StudBud
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Basics of Economics
Basics of Economics
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An #economics quiz to support revision of key terms such as goods, services, wants and needs.
Flashcards
20 cards
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Practice quiz
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Questions
20
Answers
1
In a healthy economy, demand for goods and services is high.
True
False
2
What is a want?
A want is something that is essential to your life,e.g water
A want is something that is not essential your life,e.g dogs
A want is something that is never essential to your life
A want is something that is occasionally essential to life
3
Which is NOT an example of a want?
A PlayStation
An iphone
Shelter
Mascara
4
How does supply impact on Peter’s profits?
They decrease (go lower)
They decrease and then increase
They stay the same
They increase (go higher)
5
What is a consumer?
People that have wants and needs.
People that purchase goods and services
People that purchase services
People that purchase goods
6
Which of these is a service?
A DVD
A dog
A lip gloss
A performance
7
What is a need?
A need is something you can consume.
A need is an essential.
A need is something that is not essential.
A need is something you want sometimes.
8
What is material well being?
The purchasing of services to improve quality of life
The difference between the wealthy and poor
The purchasing of goods and services to improve life
The purchasing of goods to improve quality of life
9
Which of these is a basic need for all humans?
A car
A slurpie
Nutritious food
WiFi
10
What are natural resources?
Materials from nature
Materials made by people
Materials made by people & used to make other goods
Materials from labor
11
What are human resources?
Materials from nature
Materials from labour
Goods made by people & used to make other goods
12
What is supply?
Food
equipment that is in stores
a stock or amount of something supplied or available for use
Equipment and resources
13
What is demand?
Demands are the essentials in life
Demand is how many people like goods or services
Demand is how many people dislike goods or services
Demand is a measure of how many people want goods & services
14
What are capital resources?
Goods made by people & used to make goods
Materials made from nature
Labour, people who do the work
15
Which of these are a good?
A dentist
An iphone
A manicure
A dry cleaner
16
What are goods?
Goods is something you buy and consume.
Goods are expensive.
Goods are something you provide for someone else.
Goods are things that people can do for you.
17
What is economics?
How people produce goods & services for people to consume
How people consume goods & services
Studying how people like to buy their items online
Studying needs and wants
18
What is a service?
A service is when you buy something you can consume.
When you buy a service, you buy something to eat.
You are buying something you can touch or hold.
When you buy a service, you hire people to perform work.
19
True or False. Material well being depends on your values and lifestyle.
True
False
20
What is a free market economy?
Is where the goods and services are free
Is an where people can buy the goods and services they want
Is where goods and services are given out by the producers
Is where people need permission to buy goods & services
