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Economics Vocabulary Handout Review 12/7/15 Flashcards | StudBud
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Economics Vocabulary Handout Review 12/7/15
Economics Vocabulary Handout Review 12/7/15
11 terms
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StudBud Administration
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Review of some basic economic vocabulary terms.
Flashcards
11 cards
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Practice quiz
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Questions
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Answers
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2. What is the difference between a good and a service?
A good can only be sold and a service can only be bought.
Companies make goods, people provide services.
A service is work performed, a good is tangible merchandise.
A good is work performed, a service is tangible merchandise.
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4. What does "supply" mean?
The amount of product that is available to sell.
That something is wanted.
The amount of product that people want to buy.
To give something away.
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What is an entrepreneur? What are some examples?
A person who comes up with a good or svc. A teacher
A person who comes up with a good or svc. A nail salon owner
A person who creates a good or svc. A tech company founder.
A person who comes up with a good or svc. A gov't employee
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9. Who benefits from a tariff? Who suffers from a tariff?
BENEFIT-Government collecting tariff HURT-buyers & sellers
BENEFIT-Gov't and nontariff sellers HURT-buyers &sellers
BENEFIT- everyone HURT- everyone
BENEFIT- Nobody HURT- Nobody
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5. What does "demand " mean?
The number of buyers who want to sell something.
The number of buyers who want to buy something..
The number of sellers who want to sell something.
The amount of product that consumers want to buy.
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3. Which items in the pictures are goods? Which are services?
Goods- A, B Services- C, D
Goods- A, C Services- B, D
Goods- AC Services- DC
Goods- C, D Services- A, B
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10. What is a consumer? What is a producer? Can a person be both a consumer and producer?
No
A consumer buys good or service, a producer makes a good/svc
A producer buys good or service, a consumer makes a good/svc
Yes
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1. What kind of economic system would use barter as a means of exchanging goods and services?
Traditional economy
Market economy
Command economy
Mixed economy
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7. What is scarcity and which picture shows an example?
Picture C
Picture B
Yummy cupcakes
Picture A
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6. What flavors are available at Bubba's Ice Cream Shop?
Mint chocolate chip.
Cherry Garcia.
Vanilla , chocolate, and strawberry.
Chocolate chip cookie dough.
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8. What are the three economic trade barriers mentioned in the story?
Chevrolet, Ford, Chrysler
Consumer, producer, regulator
Supply, demand, product
Quota, embargo, tariff
