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Duplicate of Economics 6th grade Flashcards | StudBud
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Duplicate of Economics 6th grade
Duplicate of Economics 6th grade
34 terms
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StudBud Administration
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A #socialstudies #Quiz to help students understand and study the basics of economics!
Flashcards
34 cards
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Questions
34
Answers
1
What is 'a decline in economic growth for six or more months in a row'?
Recession
Profit
Revenue
Specialization
2
The voluntary exchange of goods and services.
Embargo
Trade
Physical Capital
Quota
3
A specific limit placed on the number of imports that may enter a country
Trade
Physical capital
Quota
Embargo
4
Name all three trade barriers.
Command, Market, and Traditional
Quota, Embargo, and Tariff
Savings, budget, and investment
Scarcity, Specialization, and Entrepreneur
5
Putting resources into producing what you can best produce
Scarcity
Physical Capital
Specialization
Human capital
6
A government ordering stopping trade with another country.
Quota
Embargo
Specialization
Trade
7
In which economic system do people make economic decisions based on buyers and sellers?
Mixed
Traditional
Market
Command
8
the factories, machines, technologies, buildings, and property needed for a business to operate
Human capital
Physical capital
Trade
Scarcity
9
A limited supply of something
Scarcity
Entrepreneur
Tariff
Quota
10
What is an example of an entrepreneur?
Stopping trade with another country.
Constructing a new factory.
Putting a limit of goods imported.
Starting ones own business.
11
The factor that encourages people to behave in a certain way
Opportunity Cost
Scarcity
Specialization
Incentive
12
What type of an economy do we have?
Make Shift
Traditional
Mixed
Command
13
A tax on imports
Quota
Tariff
Trade
Embargo
14
Modern economies are a mixture of
Command and Traditional
Traditional and Market
Only Command
Command and Market
15
A person who starts a business is known as a
Trade
Scarcity
Specialization
Entrepreneur
16
What is 'an organized way for goods and services to be exchanged'?
Recession
Specialization
Profit
Market
17
How does having natural resources help the economy of a country?
Natural resources can be exported which provides income.
The country is able to produce everything it needs.
Money is saved because it doesn't have to import resources.
Companies spend more money to buy natural resources.
18
Which economic system is based on customs and traditions? Satisfy needs/wants hunting/farming.
Mixed
Command
Traditional
Market
19
Which of the following is NOT one of the 3 basic economic questions?
For whom to produce?
What to produce?
When to produce?
How to produce?
20
What is it called to set aside money for future use??
Saving
Bank
Budget
Interest
21
In which economic system does Central Government make all of the decisions?
Mixed
Market
Command
Traditional
22
Limits on trade
Trade
Natural resources
Trade barriers
Embargo
23
What is 'the money left after subtracting the cost of doing business'?
Revenue
Specialization
Profit
Recession
24
What is an example of credit?
Buying a car.
Buying a candy bar.
Buying a skateboard.
Paying for your lunch.
25
What is 'the act of a company concentrating on just a few goods or services'?
Specialization
Recession
Revenue
Market
26
In which economic system are the decisions based on customs and habits of the past?
Market
Mixed
Traditional
Command
27
What is 'a general increase in price over time'?
Revenue
Inflation
Profit
Specialization
28
Why does international trade require a system for exchanging currency among nations?
Not everyone has the same leader.
Because buyers and sellers said so.
Constructing new factories,
Every country does not use the same type of currency.
29
The total value or all the final goods and services produced in a country in one year
Gross Domestic Product
Scarcity
Import
Export
30
What is a plan that shows income and expenses over a period of time?
Bank Plan
Stocks / bonds.
Saving
A budget
31
In which economic system are economic decisions made by the government?
Mixed
Market
Command
Traditional
32
Why is it important for a country to invest in human capital?
To get more computers.
To have more factories.
The country is more successful when workers are educated.
To make more products.
33
Resources from nature
natural resources
Quota
Embargo
Tariff
34
What is 'the money earned by selling goods and services'?
Recession
Revenue
Market
Specialization
