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Intro to Economics
Intro to Economics
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Intro to Economics for #9thgrade #CivicsandEconomics
Flashcards
38 cards
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Practice quiz
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Host live
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Questions
38
Answers
1
A change in price
Will Not
cause a change in demand or supply.
Diminishing Marginal Utility
Elastic
Curves
Inelastic
2
What are resources necessary to produce goods and services?
A Bank Account
Goods
Factors of Production
Utilities
3
What does
GDP
stand for?
Gross Domain Program
Gross Domestic Product
Goods Dominated Production
Gross Domestic Produce
4
Along with taste, price, number of buyers, and expectations, what else causes demand to change?
Political Parties
Income
Religion
Ethnicity
5
A change in price
WILL
cause a change in demand or supply...
Curve
Elastic
Demand Shift
Inelastic
6
The cost of the next best alternative when choosing to do one thing vs. the other
Alternative option
Opportunity cost
Trade-off
Supply curve
7
A
Circular Flow Model
shows...
how varying economies rely on one another
how economies circle each other throughout the world
how households, governments, and businesses are connected
how economies flow throughout the United States
8
What is an
Equilibrium
?
When supply decreases
When supply increases
When demand decreases
When supply equals demand
9
Expenses that are the same are called...
Variable Costs
Fixed Costs
Fixed Variables
Fixed Expenses
10
When was Krispy Kreme founded?
1965
1937
1956
1930
11
A line graph showing how much a producer will make at different prices is...
Inelastic Curve
Elastic Curve
Demand Curve
Supply Curve
12
What does this picture represent?
Entrepreneur
Capital
Land
Labor
13
The ability to start a new business is?
Capital
Having resources
Entrepreneurship
Being rich
14
This picture represents
Entrepreneurship
Labor
Land
Capital
15
This image represents what?
Wants
Land
Labor
Capital
16
Variable Costs
are...
expenses that stay the same
expenses that are added up
Fixed Costs and Total Costs multiplied together
expenses that change
17
Law of Demand
says, that as prices increase quantity demand will...
Equal out
Decrease
Not change
Increase
18
Which Superhero is this?
Aquaman
Khal Drogo
Poseidon
Aqualad
19
Fruits and Vegetables are an example of...
Needs
Supplements
Nutrients
Wants
20
What is it when you don't have enough resources?
Shortage
Scarcity
Supply
Surplus
21
When Supply is greater than demand there is a...
Shortage
Overflow
Surplus
Scarcity
22
A
Shortage
is when...
there aren't enough people working
the demand is less than supply
the supply is less than demand
there aren't enough resources to produce
23
An iPhone is an example of a...
Want
Need
Desire
Like
24
A
Good
is what?
Something that is good
An product that allows you to become better at something
A tangible product used to satisfy wants and needs
Item that can help you determine GDP
25
A line graph showing how much a consumer demands at different prices is called...
Inelastic Curve
Supply Curve
Demand Curve
Circular Flow Model
26
The alternative you face if you do one thing rather than the other.
Trade-off
Services
Alternative Cost
Opportunity Cost
27
The study of how we make decisions in the world
Capital
Civics
Economics
Sociology
28
Who wrote the Federalist Papers?
John Jay, Alexander Hamilton, and James Madison
Thomas Jefferson, James Madison, and Andrew Jackson
Thomas Jefferson, John Adams, and Benjamin Franklin
James Madison, Alexander Hamilton, and Aaron Burr
29
Demand
is...
The amount of items sold within a year
The total cost of goods
The amount of a good/service someone will buy
The amount of a good/service someone will sell
30
Diminishing Marginal Utility
says that as we consume more of a good/service what happens...
our satisfaction increases
our satisfaction decreases
there is an equilibrium
nothing happens
31
Which one is
NOT
a basic question of economics?
How to produce?
Where to produce?
What to produce?
For whom to produce?
32
Fixed Costs
and
Variable Costs
added together
Added Costs
Total Costs
Elastic Costs
Expenditures
33
Jay Z is an example of a what...
Entrepreneur
Dancer
Actor
Doctor
34
Which does
NOT
cause supply to change?
Changes in Govt. Policies
Technology
Taste
Cost of Production
35
Which is
NOT
an example of a
Service
A student playing PS4
A woman giving a customer a manicure
A gardener planting flowers at a school
A plumber fixing a broken pipe
36
Finish the Lyrics: Players, put yo' pinky rings up to the moon...
Sails are up we on a cruise.
Hit me up and let me through.
Boys, what y'all trying to do?
Girls, what y'all trying to do?
37
This principle states that suppliers will offer more for sale at higher prices and vice versa.
Law of Demand
Law of Inelasticity
Law of Supply
Law of Economics
38
The amount of goods/services that producers are able to sell at various prices is called...
Needs
Supply
Demand
Wants
