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Economics 6th grade Flashcards | StudBud
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Economics 6th grade
Economics 6th grade
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A #socialstudies #Quiz to help students understand and study the basics of economics!
Flashcards
26 cards
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Questions
26
Answers
1
A limited supply of something
Scarcity
Tariff
Entrepreneur
Quota
2
What is the main purpose of NAFTA?
To keep people in one country from buying goods from another
Eliminating a large free trade zone.
Creating a large free trade zone.
To create tariffs between Canada, Mexico, and the U.S.
3
In which economic system are the decisions based on customs and habits of the past?
Command
Market
Mixed
Traditional
4
A specific limit placed on the number of imports that may enter a country
Physical capital
Embargo
Quota
Trade
5
Why is it important for a country to invest in human capital?
To make more products.
To get more computers.
To have more factories.
The country is more successful when workers are educated.
6
A government ordering stopping trade with another country.
Trade
Embargo
Specialization
Quota
7
What is an example of investing in capital by a company?
Education young children.
Sending workers to workshops.
Training new workers.
Constructing new factories.
8
How does having natural resources help the economy of a country?
Money is saved because it doesn't have to import resources.
Natural resources can be exported which provides income.
The country is able to produce everything it needs.
Companies spend more money to buy natural resources.
9
The voluntary exchange of goods and services.
Embargo
Physical Capital
Trade
Quota
10
Which of the following is NOT one of the 3 basic economic questions?
For whom to produce?
How to produce?
When to produce?
What to produce?
11
Why does international trade require a system for exchanging currency among nations?
Not everyone has the same leader.
Constructing new factories,
Every country does not use the same type of currency.
Because buyers and sellers said so.
12
A person who starts a business is known as a
Specialization
Trade
Scarcity
Entrepreneur
13
The education, training, skills, and health of the workers in a business or country
Human Capital
Physical Capital
Specialization
Scarcity
14
What is an example of an entrepreneur?
Stopping trade with another country.
Constructing a new factory.
Starting ones own business.
Putting a limit of goods imported.
15
Resources from nature
Tariff
Embargo
natural resources
Quota
16
the factories, machines, technologies, buildings, and property needed for a business to operate
Trade
Scarcity
Physical capital
Human capital
17
The total value or all the final goods and services produced in a country in one year
Export
Import
Gross Domestic Product
Scarcity
18
In which economic system do people make economic decisions based on buyers and sellers?
Command
Mixed
Market
Traditional
19
In which economic system are economic decisions made by the government?
Traditional
Mixed
Market
Command
20
Putting resources into producing what you can best produce
Physical Capital
Scarcity
Human capital
Specialization
21
What is an example of credit?
Buying a car.
Buying a candy bar.
Buying a skateboard.
Paying for your lunch.
22
Modern economies are a mixture of
Traditional and Market
Command and Market
Only Command
Command and Traditional
23
Limits on trade
Trade barriers
Natural resources
Embargo
Trade
24
Name three things you can invest your money in to make it grow.
Paying for lunch, renting an apartment, and college.
Vacations, buying a couch, and quitting your job.
Real Estate, a business, and stock/ bonds.
25
A tax on imports
Trade
Tariff
Embargo
Quota
26
Name all three trade barriers.
Scarcity, Specialization, and Entrepreneur
Savings, budget, and investment
Quota, Embargo, and Tariff
Command, Market, and Traditional
