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ECONOMICS BASICS Flashcards | StudBud
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ECONOMICS BASICS
ECONOMICS BASICS
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Questions
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Answers
1
A natural resource + a human resource =
Supply
Scarcity
Capital
Extra natural resource
2
What does the blue line represent?
Equilibrium
Shortage
Demand
Supply
3
A business can provide....
supply, services
costs, benefits
needs, wants
goods, services
4
Which of the following is a need
Water
Pencil
Jordans
iPad
5
Which of the following is NOT a capital resource?
hammer
saw
truck
water
6
food, water & shelter are examples of...
NEEDS
WANTS
7
Mark decides to go to tutoring instead of football practice. What is Mark's benefit?
Football practice
Math tutoring
8
When we have excess supply we have a...
surplus
equilibrium
scarcity
shortage
9
When we have excess demand we have...
scarcity
equilibrium
surplus
shortage
10
If Hannah decides to skip math class to go to her friends birthday party. What is her cost?
Going to her friends birthday party
Missing math class
11
Which of the following is a service?
clothing
toys
groceries
lawncare
12
What does the red line represent?
Demand
Supply
Surplus
Equilibrium
13
Unlimited human needs and wants, with limited resources is called:
Supply & Demand
Economics
Equilibrium
Scarcity
14
When demand equals supply we have..
surplus
shortage
equality
equilibrium
15
Which of the following is a NATURAL resource?
Bamboo
Money
Chair
Desk
