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Chapter 3 sect. 1 Louisiana's Economy Flashcards | StudBud
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Chapter 3 sect. 1 Louisiana's Economy
Chapter 3 sect. 1 Louisiana's Economy
27 terms
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StudBud Administration
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Sect 1 Chapter 3
Flashcards
27 cards
F
Practice quiz
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Host live
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Questions
27
Answers
1
When the supply of something is low, the price usually ________________.
stays the same.
What are you saying?
decreases.
increases.
2
a person or group of people who use resources to make goods or provide services for sale
promote
producer
lion tamer
consumer
3
when someone has more than 1 item they want to purchase, this is the item they do NOT choose
opportunity boss
opportunity benefit
opportunity cost
laundry
4
describes a consumer’s desire and willingness to pay a price for a specific good or service
supply
supper
da' man
demand
5
work or activities people perform for a fee
goods
several
services
genius
6
when a person or business decides to have less of 1 thing so they can get more of another
trade off
services
dandruff
goods
7
when someone has more than 1 item that they want to purchase: this is the item that they DO choose
opportunity benefit
opportunity cost
butter
opportunity lost
8
I want a new diaper and a pacifier, but I only have enough for 1 of them. I get the pacifier. The opportunity cost is?
a Christmas tree.
the diaper.
the donut hole.
the pacifier.
9
an original economic sys in which tradition & customs say how the 4 economic quest are answered
market economy
command economy
yo mommaconomy
traditional economy
10
When the price for a product or service increases, the demand for it usually ____________.
stays the same.
Camels have pretty eyes.
increases.
decreases.
11
the quantity of a good or service available for sale
Easter
equality
supply
demand
12
an economy that is controlled by the govern't, which tells the answers to the 4 econo questions
vagrant economy
command economy
traditional economy
market economy
13
a person who studies the economy
money king
explorer
economist
eco system
14
When the price of something decreases, the demand for it usually ___________.
stays the same.
your mom.
decreases.
increases.
15
tangible items; things you can touch
bads
services
goods
greed
16
air to breathe, food to eat, water to drink, clothing to wear, shelter to protect us
wants
basic needs
capital resources
forest fires
17
an economy in which individuals answer the four economic questions based on supply and demand
market economy
traditional economy
command economy
old age economy
18
to trade items of value rather than money or precious metals
borrow
demand
barter
supply
19
things we would like to have, but they are not necessary for survival
free food
jobs
wants
basic needs
20
comes from the Earth or nature and are useful to humans
angry birds
human resources
capital resources
natural resources
21
When supply is high, the price usually______________.
stays the same
I have no idea what you are saying.
decreases
increases
22
- refers to how people manage material resources in a community, a household, etc.
economy
chores
human resources
barter
23
tools or places used to produce goods and services
natural resources
flowers are pretty
human resources
capital resources
24
the amount of money left over after
cost
is subtracted from the
price
of the item sold; the money that is made
profit
firefly
commerce
expense
25
people who produce goods or services
natural resources
beast mode
human resources
capital resources
26
a person who pays for a need or service
consumer
producer
batman
idiot
27
the idea that there are not enough resources available to satisfy all needs and wants
barter
scarcity
spirity
scared me
