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Duplicate of Economics Basics Flashcards | StudBud
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Duplicate of Economics Basics
Duplicate of Economics Basics
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A quiz for #6th graders covering basic terminology in #Economics.
Flashcards
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Questions
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Answers
1
If the Apple store runs out of iPhones before everyone in the line buys one, the ____ is low.
interdependency
demand
phone directory
supply
2
What is the "buying and selling of goods" called?
Trade
Exporting
Importing
Economics
3
Growing inequality between the rich and the poor is a characteristic of which economy?
Traditional
Market
Emerging
Command
4
Besides supply, what's another factor that can affect demand?
consumerism
how much consumers want the product
interdependency
price
5
What did the word "economy" originally mean?
The management of consumers and producers.
The management of money and services.
The management of household or private affairs?
The management of supply and demand.
6
Why did Ms. Tovar move to Houston to get a job?
Too many jobs in Austin; she couldn't make up her mind!
She is running away from the FBI
Houston ISD was experiencing a scarcity of teachers
Teaching jobs in Austin were scarce
7
What is it called when the United States buys a good and brings it home from other countries?
Trading
Economics
Importing
Exporting
8
What do we say when supply and demand are equal?
The demand is under supply.
The supply is beneath demand.
The economy is equadistant.
The economy is at equilibrium.
9
In a command economy...
Supply and demand are equal.
Nothing is planned and regulated by the government.
Competition and quality of products are high.
Everything is planned and regulated by the government.
10
"Economy" currently describes the system in which we exchange _______ within a society.
cars, trains, and ships.
consumers, producers, and money.
goods, services, and money.
advantages, disadvantages, and benefits.
11
When a country imports more than it exports we say there is a _____?
Market Economy
Trade Deficit
Trade Surplus
Command Economy
12
What is a trade surplus?
When a country imports more than it exports.
When a country exports more than it imports.
When supply is greater than demand.
When supply and demand are equal.
13
Long lines outside the Apple store may suggest there's a high _____ for the new iPhone.
interdependancy
cost problem
supply
demand
14
Little competition leading to low quality is a characteristic of which economy?
Emerging
Traditional
Command
Market
