Which best describes competition?

the struggle to get the best products at lowest prices

Which best describes scarcity?

when we do not have enough resources to produce what we want

Which best describes demand?

the desire to buy a good or service

Which best describes the law of demand?

people buy more at lower prices

Which option best describes a need?

something required for survival

Which best describes economics?

the study of how we make decisions in with limited resources

Which if the following best describes economic systems?

each country has its own way of producing things

Which best describes resources?

things used in making goods and producing services

Which best describes specialization?

concentrating on producing something better than others

Which best describes consumers?

someone who buys a product or service

Which best describes opportunity cost?

the cost of the next best thing you decide to give up

Which best describes a trade off?

the alternative when you choose one thing over another

Which best describes a market?

exchange of goods and services between buyers and sellers

Which best describes economic interdependence?

countries relying on each other for goods and services

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Basics of Economics

16 termsStudBud Administration11 plays

A #socialstudies #reviewquiz to go over the basics of #economics for #civicseconomics class

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Questions 16

Answers

1
Which best describes a want?
things we would like to have
things that are cheap
things we require for survival
things that are expensive
2
Which best describes competition?
the struggle to get the best products at lowest prices
the struggle to get all products to cost the same
there is no struggle - businesses work together
the struggle to get all products to be the same
3
Which best describes scarcity?
when people buy things that they do not need
when we have plenty of resources to produce what we want
when we do not have enough resources to produce what we want
when there is enough food for all people around the world
4
Which best describes demand?
the quality of a product
the amount producers want to sell
the cost of a product
the desire to buy a good or service
5
The income from a full-time job that you give up when you go to college is called:
trade off
marginal cost
marginal benefit
opportunity cost
6
Which best describes the law of demand?
people buy more at lower prices
companies sell more at higher prices
companies make more at higher prices
people buy more at higher prices
7
Which option best describes a need?
something required for survival
money is the only need
something we would like to have
food is the only need
8
Which best describes economics?
the study of how governments spend money
the study of how we make decisions with unlimited resources
the study of how we spend money
the study of how we make decisions in with limited resources
9
Which if the following best describes economic systems?
each country produces things exactly the same way
each country has its own way of producing things
using the market system is the only way to produce things
using the command system is the only way to produce things
10
Which best describes resources?
things like natural resources only
things like human resources only
things used in making goods and producing services
things that only the wealthy can afford
11
Which best describes specialization?
focusing on what a country likes
concentrating on producing something better than others
focusing on what make a country special
concentrating on buying something more than others
12
Which best describes consumers?
someone who performs a service
someone who buys a product or service
someone who sells a product or service
someone who makes a product
13
Which best describes opportunity cost?
the cost of each item you purchase every day
the cost that a company takes on when hiring employees
the cost of the next best thing you decide to give up
the cost of all the opportunities you give up
14
Which best describes a trade off?
the alternative when a person does not get what they want
the alternative that country use to end trade
the alternative when you choose one thing over another
the amount of money you give when making a transaction
15
Which best describes a market?
the production of goods and services by sellers
exchange of goods and services between buyers and sellers
exchange of buyers and sellers between companies
it is only a physical place where you go to buy things
16
Which best describes economic interdependence?
countries relying on each other for goods and services
when a country only purchases goods and services from others
countries keeping goods and services from each other
when a country can make everything independently

Basics of Economics Flashcards | StudBud