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Grade 10 - Economic Basics Flashcards | StudBud
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Grade 10 - Economic Basics
Grade 10 - Economic Basics
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1
At a farmer's market, who is the producer?
The families of the people buying the produce
The people buying the produce
The farmers growing the produce
2
To be classified as a small or medium-size business (SMB), what is the max number of employees?
1000
100
500
250
3
What is the law of demand?
When prices rise, demand also rises.
When prices fall, demand also falls.
When prices fall, demand rises.
When prices rise, demand falls.
4
What type of business is a separate 'entity' that exists separate from its owners?
Partnership
Corporation
Cooperative
Franchise
5
What type of business are companies like Tim Hortons & Macdonalds?
Partnerships
Cooperatives
Franchises
Sole Proprietorships
6
A business earns $50,000 in revenue and has $20,000 in expenses. What is their profit?
$70,000
$30,000
$50,000
$20,000
7
A business that is typically created to raise money and awareness for a cause is called a:
Not-for-profit business
For profit business
8
Which one of the following is a service (rather than a good)?
a hamburger
a stapler
a kite
a haircut
9
What is the law of supply?
Producers will increase supply when prices rise.
Producers will decrease supply when prices rise.
Producers will increase supply when prices fall.
Producers will decrease supply when prices fall.
10
Identify the type(s) of economic resources
Natural Resources
They are all types of economic resources!
Human Resources
Capital Resources
11
Which of the following does NOT affect the cost of production (and, therefore, supply)?
Expectations
Input Prices
Technology
Equilibrium
12
What type of business is owned by a single owner?
Franchise
Partnership
Corporation
Sole Proprietorship
13
Which of the following is NOT a factor that affects demand:
Fads & Trends
Producer
Consumer Income
Holidays
14
A completely free market can never exist.
True
False
