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Economics and Business: Part 1 Flashcards | StudBud
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Economics and Business: Part 1
Economics and Business: Part 1
11 terms
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StudBud Administration
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Definitions of key terms reviewed: Goods/services Trade Business Economy (economics)
Flashcards
11 cards
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Practice quiz
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Questions
11
Answers
1
'Economics' is the study of:
the distribution of limited resources and wealth.
systems that help the local ecology
2
Does this provide goods or services?
goods
both
services
3
A good/service a country sells to other country is called:
an import and an export
an export
an import
4
Do big brand car dealers provide goods or services?
goods
both
services
5
An 'economy' is about limited resources being:
bought and sold continuously
made more affordable
distributed fairly in society
made more widely available
6
The system of 2 countries selling goods or services to each other is called:
being nice
trade
profiting
swapping
7
Does this person provide goods or services?
goods
services
both
8
A 'business' is a person/group who:
sells products and/or services primarily for profit
uses a business name
buys products and/or services
sells products and/or services
9
A good/service a country buys from other country is called:
an export
an import
an import and an export
10
Money is:
a substitute for gold
payment for a good/service
power
the representation of a good/service's value
11
How I feel towards learning about Business and Economics:
This might help me get rich.
So that's how the world works!
Not relevant to me.
It's really difficult to understand.
