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Unit 1-Basic Economics Concepts, Economic Systems and Global Trade Flashcards | StudBud
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Unit 1-Basic Economics Concepts, Economic Systems and Global Trade
Unit 1-Basic Economics Concepts, Economic Systems and Global Trade
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VA SOL 11a-c, 12a-d
Flashcards
22 cards
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Questions
22
Answers
1
Which type of economy is best represented by the picture?
mixed economy
command economy
free market economy
traditional economy
2
How has technology impacted the global economy?
faster flow of information, goods and services
decrease in globalization
slower flow of information, goods and services
higher production costs
3
Workers are an example of which type of resource?
entrepreneuship
human
natural
capital
4
The combining of our four resources to make goods or provide services
choice
incentive
consumption
production
5
The amount of money exchanged for a good or service.
consumption
incentive
opportunity cost
price
6
This is what is given up when a choice is made.
scarcity
demand
opportunity cost
supply
7
The interaction between supply and demand determines...
mixed economies
consumer preference
free markets
price of goods and services
8
How has technology impacted the global economy?
the creation of new types of money
slower economic growth
lower cost of production
higher production costs
9
Which economic principle is shown here?
capital
incentive
resource
consumption
10
The amount of a good or service producers are willing and able to sell at a certain price.
choice
opportunity cost
supply
demand
11
The inability to satisfy all wants at the same time
incentive
production
scarcity
consumption
12
The process of buying and using goods and services
distribution
consumption
production
goods
13
The amount of goods or services consumers are willing to buy at a certain price..
demand
incentive
supply
consumption
14
Which type of economy is best represented by the picture?
mixed economy
command economy
free market economy
traditional economy
15
Which type of economy is best represented by the picture?
traditional economy
free market economy
mixed economy
command economy
16
Joe's decision to go to dinner is an example of-
scarcity
opportunity cost
choice
captial
17
Which is NOT a reason why nations trade?
to buy goods at a lower price
to get things they can not produce efficiently
to sell goods they produce
to lower employment rates
18
Which type of economy is best represented by the picture?
traditional economy
command economy
free market economy
mixed economy
19
Why do states trade too?
to promote efficiency and growth
to decrease wages and competition
to promote less competition
to promote a more traditional way of life
20
This picture shows which reason why nations trade.
to sell goods they produce
to create jobs
to increase effeciency
to get things they can not produce efficiently
21
A bulldozer is an example of what type of resource?
human
natural
capital
entrepreneurship
22
Trees are an example of what type of resource?
capital
natural
human
entrepreneurship
