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Economics
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An #economics #review
Flashcards
23 cards
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Questions
23
Answers
1
Which of the following is a
producer
?
a woman at the grocery store
a student buying a pack of gum
a farmer growing crops
2
the activity or process of buying, selling, or exchanging goods or services
goods
quota
services
trade
3
What you give up when you make one choice over another is called:
trade barriers
goods
opportunity cost
services
4
which of the following is a
need
?
a skateboard
a puppy
a cell phone
food
5
Physical objects such as clothes or shoes that are
made from
resources
competition
goods
consumer
services
6
a limit placed on the amount of a product that can be traded is called a:
quota
market
scarcity
economics
7
The way people and countries make decisions to meet their needs and wants is called:
resources
economics
services
trade barriers
8
Activities used to meet our wants and needs are called:
specials
services
mistakes
money
9
which of the following is
NOT
a natural resource?
oil
stones
trees
doctor
10
Not having enough resources to make all of the things we would like to have is called:
scarcity
goods
quota
services
11
any limit that makes trade difficult or impossible
consumer
trade barriers
quota
scarcity
12
Which of the following is a
consumer
?
a student buying a toy
a baker making bread
a mechanic fixing a car
13
What is the definition of
supply?
when people ask for a good or service
bringing goods that were built in another country
goods that people want to buy
14
all things used in making goods and services are called:
goods
markets
trade barriers
resources
15
A person who buys goods and services
competition
consumer
limit
quota
16
If the supply goes up, but the demand goes down, what happens to the price?
it stays the same
it goes down
it goes up
17
If the supply goes down, but the demand goes up, what happens to the price?
it goes down
it stays the same
it goes up
18
This is an economic system in which people get to choose what they buy or sell
currency
consumer
resources
market
19
A phrase used by a company to get you to buy their product is called a:
consumer
scarcity
slogan
currency
20
What is demand?
When people want to buy something
when people want to make more money
when people decide to make goods
21
Which word means "money"?
quota
competition
scarcity
currency
22
Which of the following things is a
want
?
water
food
a cell phone
a place to live
23
A fight between 2 or more businesses trying to sell products to the same customer is called:
competition
goods
services
opportunity cost
