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Economics Review Flashcards | StudBud
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Economics Review
Economics Review
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Flashcards
15 cards
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Questions
15
Answers
1
The law of supply and demand says that high demand causes a ________ in price.
drop
balance
reduction
rise
2
Economics is the study of how money is…
Collected and invested
Earned and saved
Made and used
Printed and spent
3
People trade ________ for different goods and services.
rocks
money
supplies
favors
4
Someone who buys and uses goods and services is called a ...
Carnivores
Consumers
Customers
Comedians
5
A good is something people…
want or need
dislike or hate
Like and collect
do or act
6
Successful insustries in North Carolina are Agriculture, finance, Technology/Research, Film and the Arts and …
Deep Ocean diving
Tourism
Cub Scouts
Farming
7
The law of supply and demand says that low demand causes a ________ in price.
drop
balance
rise
retention
8
Someone who makes goods or provides services is called a …
prevents
producer
provides
polishes
9
When a trend is popular it may cause a _________ of an item.
struggle
shortage
luggage
overage
10
Consumers and producers need each other to be…
Champions
stressful
the favorite
successful
11
If a store has to much of something they may _______ the price, hoping customers will buy it.
retention
drop
balance
rise
12
Supply is how much of a _______ or service is available for purchase.
polishes
product
provides
producer
13
An area's economy is connected to the way goods and services are…
produced and consumed
purchased and returned
sold and purchased
divided and donated
14
A service is an action that a person________ for someone else.
positive
prevents
provides
polishes
15
______ is how much of a product people are willing to buy.
needs
diamonds
demand
wants
