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Economics Flashcards | StudBud
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Economics
Economics
20 terms
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StudBud Administration
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A review of our study of economics.
Flashcards
20 cards
F
Practice quiz
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Host live
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Questions
20
Answers
1
Human resources are...
workers who make the goods or services
resources used to produce good(tools, buildings, machinery)
gifts of nature used to produce goods and services
2
Activities performed by people or businesses...
entrepreneur
services
economy
3
What does recycle mean?
reuse products
throw products in the ocean
throw products in the trash
4
An economic system where prices are determined by supply and demand is called income.
false
true
5
Capital resources are...
gifts of nature used to produce goods and services
resources used to produce goods(tools, buildings, machinery)
workers who make the goods or services
6
The amount of output of goods and services is called...
productivity
demand
income
7
Demand is ...
something people not needed
the amount of a good or service that consumers will buy
the selling of products
8
Human wants exceeds the available resource is called...
scarcity
income
choice
9
Who are producers?
people who buy goods and services
people that use resources to make goods and services
animals in the wild
10
Capital is...
money
tools
books
11
Not enough available resources is ....
scarcity
supply
choice
12
One who uses his/her skills to launch a new business is called an entrepreneur.
false
true
13
Supply is...
the skill needed for a job
the price of an item
the amount of a good or service that producers can sell
14
The amount of money people pay for a good or service is called price.
false
true
15
A decision or course of action is called...
demand
supply
choice
16
Natural resources, human resources, capital resources, entrepreneurship is called economy.
false
true
17
Natural resources are...
workers who make the goods or services
resources used to produce goods(tools, buildings, machinery)
gifts of nature used to produce goods and services
18
What does capital resources mean?
resources used to produce goods(tools, machinery, buildings)
plants and vegetables
money used to buy items
19
The amount of output of goods and services is called price.
false
true
20
What does economy mean?
the way a country or state uses money and resources
the way people make a living
the amount of money people are paid for a job
