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Economy and Trade Flashcards | StudBud
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Economy and Trade
Economy and Trade
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Questions
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Answers
1
Economics is the study of how people meet their wants and needs
True
False
2
The desire for a certain good or service
supply
demand
opportunity cost
3
Tariff is the exchange of goods and services
False
True
4
An economy in which individual consumers and producers make economic decisions
Traditional Economy
Command Economy
Market Economy
Mixed Economy
5
What economic questions must society answer?
A. What goods and services should be produced?
B. How should goods and services be produced?
C. Who uses or consumes those goods and services?
All the above
6
Supply and demand are connected to _______.
Expenses
Budgets
Price
7
What is the opportunity cost of studying instead of going to the school basketball game
The basketball game
2 hours
Studying
8
Trade barriers encourage domestic trading and limit international trade
True
False
9
_______ is what a country is good at producing in comparison to other products
Free Trade
Comparative advantage
Quotas
10
Is this an example of a good or service
Good
Service
11
The cost of what you have to give up in order to get something
Opportunity Cost
Marginal Cost
12
Income is limited, our needs/wants are unlimited
True
False
