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Chapter 9 - SS Review Flashcards | StudBud

Explore/Chapter 9 - SS Review

Chapter 9 - SS Review

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Questions 11

Answers

1
These are an example of goods:
IDK
raking leaves, giving a haircut, bathing a pet
food, computer, phone
cooking, cleaning, gardening
2
An example of scarcity is when there is only one pair of shoes in the store that everyone wants to buy.
False
True
3
Exports are......
travel we take.
things that are made for the first time.
goods we buy from another country.
goods we sell to other countries.
4
What does division of labor mean?
To divide the work among NO people.
Everybody ignores everyone else.
To divide the work among many people.
Everybody does the same job.
5
Idaho trades with these two countries the most. They are....
China and Korea
Canada and China
Canada and Mexico
Mexico and Japan
6
Idaho's economy has which of these industries?
Manufacturing
Agriculture
All of them
Mining
7
If there is high demand, the business owner will....
make less of his product
won't care
will make the same amount of his product
make more of his product
8
Technology is when.......
when I have Internet
science, tools and machinery work together
when a computer works great
someone makes a new iPhone
9
Scarcity is related to supply because.....
Importing goods increases supplies and causes a scarcity
Scarcity happens when supplies of goods are transported from place to place
When a good is in short supply, it creates a scarcity of that item.
Scarcity happens when a supply of goods is exported
10
The amount of goods people buy is referred to as....
imports
exports
trade
demand
11
How does an entrepreneur earn a profit?
Selling goods & services for less money than their expenses.
Buying goods & services for the same amount as their expenses.
Buying goods and services for more money than their expenses
Selling goods & services for more money than their expenses