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Economics Flashcards | StudBud
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Economics
Economics
20 terms
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StudBud Administration
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A review of our study of economics.
Flashcards
20 cards
F
Practice quiz
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Host live
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Questions
20
Answers
1
Activities performed by people or businesses...
entrepreneur
economy
services
2
Supply is...
the skill needed for a job
the amount of a good or service that producers can sell
the price of an item
3
An economic system where prices are determined by supply and demand is called income.
true
false
4
The amount of output of goods and services is called price.
false
true
5
What does recycle mean?
throw products in the trash
throw products in the ocean
reuse products
6
One who uses his/her skills to launch a new business is called an entrepreneur.
true
false
7
A decision or course of action is called...
choice
supply
demand
8
Capital resources are...
resources used to produce goods(tools, buildings, machinery)
gifts of nature used to produce goods and services
workers who make the goods or services
9
The amount of output of goods and services is called...
productivity
demand
income
10
Who are producers?
people that use resources to make goods and services
people who buy goods and services
animals in the wild
11
Demand is ...
the selling of products
the amount of a good or service that consumers will buy
something people not needed
12
The amount of money people pay for a good or service is called price.
true
false
13
Human resources are...
resources used to produce good(tools, buildings, machinery)
gifts of nature used to produce goods and services
workers who make the goods or services
14
Capital is...
money
books
tools
15
What does economy mean?
the way people make a living
the amount of money people are paid for a job
the way a country or state uses money and resources
16
Natural resources, human resources, capital resources, entrepreneurship is called economy.
false
true
17
Human wants exceeds the available resource is called...
choice
income
scarcity
18
What does capital resources mean?
money used to buy items
plants and vegetables
resources used to produce goods(tools, machinery, buildings)
19
Not enough available resources is ....
scarcity
choice
supply
20
Natural resources are...
resources used to produce goods(tools, buildings, machinery)
workers who make the goods or services
gifts of nature used to produce goods and services
