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Economics Basics Week 2 Flashcards | StudBud
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Economics Basics Week 2
Economics Basics Week 2
30 terms
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StudBud Administration
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30 cards
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Questions
30
Answers
1
What are the 4 common natural resources humans use?
Lead, cotton, energy, and plastic
Food, water, clothing, and power
Iron, water, plants, and minerals
Water, sunlight, soil, and wind
2
__________occurs when consumers want more of a good or service than producers make available.
Scarcity
Overproduction
Shortage
Entrepreneurship
3
Bailey pays for groceries, including milk, bread, and vegetables, at the grocery store. Bailey is the...
consumer
producer
4
Is this scenario a WANT or a NEED?
want
need
5
This type of resource is cleaner for the environment.
nonrenewable
reneweable
6
Is this scenario a WANT or a NEED?
need
want
7
Which of the following is a NEED?
bunny
air
bean bag chair
video games
8
The man in this picture is providing a...
good
capital resource
service
good citizen
9
It takes 30 mins to complete a math day and 2 hrs for a science project. What's the opportunity cost of doing 2 maths?
4 science projects
1/2 science project
2 science projects
1 science project
10
Which of the following is a WANT?
hygiene
food
skateboard
water
11
This is formed when dead plants and animals experience heat and pressure over millions of years.
nonrenewable
reneweable
12
Mollie goes to the store and buys candles for her Mom's birthday. Mollie is the...
consumer
producer
13
The ice cream in the picture is an example of a...
service
good
natural resource
human resource
14
This type of resource cannot be easily replaced.
reneweable
nonrenewable
15
The hammer in the picture is a...
consumer
capital resource
natural resource
human resource
16
If everybody had an unlimited supply of economic resources, which would not exist?
wants
needs
capitalism
scarcity
17
This type of resource can be easily replaced.
nonrenewable
reneweable
18
What is the economics problem?
We have too few needs
We don't need 'needs' to survive
We haven't enough resources to satisfy all our wants
We have not got enough wants
19
Which of the following is a WANT?
clothes
hygiene
video games
water
20
A hammer, a factory, and a truck are examples of what productive resources?
capital resources
natural resources
entrepreneurs
human resources
21
Using this type of resource creates pollution.
nonrenewable
reneweable
22
The wood in the picture is a...
service
human resource
producer
natural resource
23
What's an opportunity cost?
Paying someone
PAY DAY!
When you have to buy one thing
When you have a choice to do or buy one thing or another
24
Ginny opens a nail salon. People pay Ginny to paint their nails. Ginny is the...
consumer
producer
25
The organized system by which consumers and producers exchange goods is known as _______.
A Market
Revenue
A Primary Industry
Barter
26
Which of the following is a NEED?
puppy
skateboard
water
iPhone
27
Is this scenario a WANT or a NEED?
need
want
28
The person getting their haircut is a...
producer
consumer
good citizen
natural resource
29
Rachel makes chocolate chip cookies and sells them at the school bake sale. Rachel is the...
producer
consumer
30
The man in the picture is an example of a...
human resource
good
natural resource
capital resource
