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Economics Basics Flashcards | StudBud
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Economics Basics
Economics Basics
17 terms
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StudBud Administration
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Test your knowledge on fundamental concepts of economics and personal finance
Flashcards
17 cards
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Practice quiz
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Questions
17
Answers
1
What does demand mean?
How big something is
How cheap something is
How much people want
How colorful something is
2
What is something you need to live?
Water
Candy
Video games
Toys
3
True or false: People can be both producers and consumers.
True
False
4
Who is a producer?
A pet owner
A shopper
A baker
A teacher
5
True or false: We should spend all our money on wants.
True
False
6
True or false: Income is money you earn from working.
True
False
7
Is a phone a good or a service?
Need
Good
Service
Toy
8
What helps pay for wants and needs?
Friendship
Dreams
Income
Hobbies
9
True or false: A consumer buys goods and services.
False
True
10
Which is an example of a natural resource?
Car
Toy
Clothes
Plant
11
What is a good?
An item people buy
A helpful service
A fun activity
A place to visit
12
Why are jobs important?
They are always easy
They are fun activities
They provide income
They help make friends
13
What are natural resources?
Found in nature
Items in stores
Things we buy
Things people make
14
Which is a want?
Shelter
Clothes
Candy
Water
15
True or false: A service is work done to help someone.
False
True
16
What happens when an item is on sale?
It is a new item
It is cheaper
It is more expensive
It is sold out
17
What does high supply mean?
Many items available
Items are rare
Prices are high
Items are sold out
