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Economics Review Flashcards | StudBud
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Economics Review
Economics Review
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Questions
16
Answers
1
When Katie chose a new stuffed animal over buying a new shirt; the shirt is Katie's...
opportunity cost
scarcity
regret
demand
2
Which of these is a capital resource?
a landscaper
a green yard
a flower bed
lawn mower
3
Why is currency important?
people will be rich
people will buy things
people will pay more taxes
people will trade more products
4
Which of these are natural resources?
shampoo bottles and hairspray
trees and oil
newspapers and books
pots and pans
5
Which of these is another name for money we use to pay for goods and services?
coupons
savings
taxes
currency
6
Which of these is a human resources?
carpenter
building
saw
lumber
7
Jeremy started a logging business with his uncle. Which productive resource is this?
natural resource
entrepreneurship
producer
consumer
8
Sam buys a car- the dealer is happy because they are making money & Sam is happy to have a way to get to work. This is
good & service
trade
interdependence
voluntary exchange
9
A person who purchases goods and services is known as the producer.
False
True
10
If supply is greater than demand, then...
prices are higher.
prices are lower.
11
What does the government collect to pay for schools, roads, police, and fire?
income
taxes
cash
checks
12
Which word means that people rely on each other?
independence
needs
interdependence
wants
13
Mike buys a pizza. He is a consumer.
False
True
14
If the people in a small city in Georgia wanted a new library how would the city MOST LIKELY pay for it?
The mayor asks businesses for donations.
The city pays for the library to be built with taxes paid by citizens.
The city collects donations to pay for the library to be built.
The mayor of the city pays for it out of their own money.
15
What is it called when you have to choose between two items at the same time?
scarcity
opportunity cost
supply
demand
16
Which of the following describes an entrepreneur?
Eddie got a job at a new coffee shop to make money for a new phone.
Cindy started a food truck business and sells her bakery treats.
Carter has to walk the dog every day.
Elena has chores and earns $20 each week.
