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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 #8th graders covering basic terminology in #Economics.
Flashcards
14 cards
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Questions
14
Answers
1
When a country imports more than it exports we say there is a _____?
Command Economy
Market Economy
Trade Surplus
Trade Deficit
2
Which economy isn't interested in technological improvements?
Traditional
Emerging
Market
Command
3
What is it called when the United States buys a good and brings it home from other countries?
Trading
Importing
Economics
Exporting
4
If the Apple store runs out of iPhones before everyone in the line buys one, the ____ is low.
interdependency
demand
supply
scalping
5
Long lines outside the Apple store may suggest there's a high _____ for the new iPhone.
interdependancy
scalping problem
demand
supply
6
Growing inequality between the rich and the poor is a characteristic of which economy?
Market
Emerging
Command
Traditional
7
You vacuum the house, your sister cleans the bathroom, and your father folds the laundry.
When a country exports more than it imports.
Division of Labor
Human Capital
Productivity
8
Besides supply, what's another factor that can affect demand?
interdependency
how much consumers want the product
price
scalping
9
Little competition leading to low quality is a characteristic of which economy?
Market
Emerging
Command
Traditional
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
What is the "buying and selling of goods" called?
Trade
Exporting
Economics
Importing
12
In a command economy...
Nothing is planned and regulated by the government.
Everything is planned and regulated by the government.
Competition and quality of products are high.
Supply and demand are equal.
13
What do we say when supply and demand are equal?
The economy is at equilibrium.
The economy is equadistant.
The supply is beneath demand.
The demand is under supply.
14
What did the word "economy" originally mean?
The management of money and services.
The management of supply and demand.
The management of household or private affairs?
The management of consumers and producers.
