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Chapter 9 - SS Review Flashcards | StudBud

Explore/Chapter 9 - SS Review

Chapter 9 - SS Review

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Questions 11

Answers

1
Scarcity is related to supply because.....
Scarcity happens when a supply of goods is exported
Scarcity happens when supplies of goods are transported from place to place
Importing goods increases supplies and causes a scarcity
When a good is in short supply, it creates a scarcity of that item.
2
Technology is when.......
someone makes a new iPhone
when I have Internet
when a computer works great
science, tools and machinery work together
3
The amount of goods people buy is referred to as....
imports
exports
demand
trade
4
Exports are......
things that are made for the first time.
goods we buy from another country.
travel we take.
goods we sell to other countries.
5
These are an example of goods:
food, computer, phone
IDK
raking leaves, giving a haircut, bathing a pet
cooking, cleaning, gardening
6
Idaho's economy has which of these industries?
Mining
All of them
Manufacturing
Agriculture
7
An example of scarcity is when there is only one pair of shoes in the store that everyone wants to buy.
False
True
8
Idaho trades with these two countries the most. They are....
China and Korea
Canada and China
Mexico and Japan
Canada and Mexico
9
How does an entrepreneur earn a profit?
Buying goods & services for the same amount as their expenses.
Selling goods & services for more money than their expenses
Buying goods and services for more money than their expenses
Selling goods & services for less money than their expenses.
10
If there is high demand, the business owner will....
make more of his product
won't care
make less of his product
will make the same amount of his product
11
What does division of labor mean?
Everybody does the same job.
Everybody ignores everyone else.
To divide the work among NO people.
To divide the work among many people.