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The Basics of Economics - Middle School Flashcards | StudBud
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The Basics of Economics - Middle School
The Basics of Economics - Middle School
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Flashcards
30 cards
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Questions
30
Answers
1
Who is a Consumer?
A farmer
A Kmart - shopper
Homer Simpson
An entrepreneur
2
a period of time in which there is little economic activity and many people do not have jobs
Concession
Depression
Emission
Recession
3
A very low supply or shortage of something.
Opportunity Cost
Factors of Production
Scarcity
Economics
4
How are people used in making this product? relates to what
Capital
Land
Labor
Entrepreneurship
5
The thing you give up when you make a choice.
Wants
Factors of Production
Goods
Opportunity Cost
6
What is Supply?
when goods are almost gone
an economic theory
The amount available
How much people want
7
The study of how things are bought and sold
Economics
Communism
Capitalism
Wall Street
8
Things not necessary for survival or life, but may improve life.
Needs
Goods
Services
Wants
9
There is no privately owned land
Capitalism
Socialism
Marxism
Communism
10
Bill Gates and Steve Jobs are examples of what?
Capital
Labor
Entrepreneurship
Land
11
What is Demand?
How much people want
when goods are almost gone
The amount available
an economic theory
12
There are upper, middle and lower classes
Socialism
Communism
Marxism
Capitalism
13
What economic theory states there is only a middle class?
Macroeconomics
Communism
Socialism
Capitalism
14
Bonus - What was the name of the Tribe that the British soldiers fought off in Africa at the Battle of Rorke's Drift?
Swahili
Arawak
Zulu
Ubuntu
15
The government has little/no role in business
Communism
Socialism
Marxism
Capitalism
16
Bonus - What is the slowest mammal on Earth?
manatee
sloth
Koala
snail
17
Who is a PRODUCER?
A movie maker
A Kmart - shopper
An entrepreneur
A farmer
18
BONUS - What is the highest point on Earth?
Mount Nebo
Mt Everest
Mt Chimborazo
Mauna Kea
19
What is NOT a need?
Water
Car
Shelter
Communication
20
What economic theory controls all business?
Communism
Socialism
Microeconomics
Capitalism
21
Bonus - What Supreme Court Case integrated education?
Washington vs Board of Education
Roe v Wade
Brown vs Brown
Brown vs Board of Education
22
Little variety in products
Socialism
Communism
Capitalism
Marxism
23
a period of time in which there is a decrease in economic activity and many people do not have jobs
Concession
Depression
Emission
Recession
24
An energy source that cannot be used up completely
Labor
Renewable Resource
Non-renewable resource
Land
25
Bonus - What amendment grants citizenship to all who are born in America?
10
9
1
14
26
Work that someone does for someone else
Goods
Needs
Wants
Services
27
Things that are made or grown
Needs
Goods
Services
Wants
28
Machines, Tools and Money are examples of what?
Land
Capital
Entrepreneurship
Labor
29
What is NOT a factor of production?
Entrepreneurship
Goods
Labor
Land
30
Oil is a renewable resource
False
True
