What is Standard of Living?

How much money you make and how well you live

What is an entrepenuer

a person who organizes and operates a business or businesses

What is the danger of specialization?

Drop in demand & with no back-up product.

What is a capital good?

Goods that are used to produce other goods

In economics, "needs" refer to

the basic, minimal things people must have to survive

What is an entrepenuer?

A person willing to take a risk

labor used to produce manufactured goods.

when there is not enough of something

The amount of people that can read and write in a country.

What is a trade barrier?

Blocks or inhibits international trade between countries

is labor done by people that create goods and provide service

When occurs the specialization?

WHEN PEOPLE AND BUSINESS ARE CONCENTRATED ON WHAT THEIR ARE BEST.

A capital resource is

Money, Tools, Machinery, Goods, and Services

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Unit 1 Review SS 6th Grade

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Questions 68

Answers

1
What is the law that blocks all trade to a country?
No taxation without representation!
Tariff
Embargo
NAFTA
2
What activities are a part of a traditional economy?
factory work and banking
people work in resturants
herding, farming, hunting
3
Mountains and oceans are example of what type of trade barrier?
Embargo
Quota
Tariff
Geographic
4
What is Standard of Living?
How healthy you are
How much money you make and how well you live
All of the Above
If you use things that are good for the earth or not
5
refers to all the economic interactions that cross international boundaries
traditional economy
mixed economy
command economy
global economy
6
A specialization is a skill in _______________ kind(s) of work.
one
many
few
various
7
What is an entrepenuer
wall
a person who organizes and operates a business or businesses
sole proprietorship
Floor
8
What is the danger of specialization?
Workers demand higher wages.
Workers are paid low wages.
Drop in demand & with no back-up product.
You become too efficient.
9
Scarcity means
tools and technology
inability to produce
skills and knowledge
to produce a lot
10
Which is NOT a good?
shoes
teacher
milk
corn
11
What statement is one of the basic economic questions?
Which one to buy?
Where does it belong?
What to produce?
How many people need it?
12
In this economic system, government owns all property.
Market
Traditional
Command
Mixed
13
The trade of a good or service between countries in the world.
global trade
embargo
tariff
quota
14
What is a capital good?
A good for consumers
Goods that are used to produce other goods
A good that is only for the capital
A good made in the capital of a state
15
The government stops trade with another country is called
embargo
quota
transition
levy
16
GDP is the total value of all goods and services produced in one year.
True
False
17
A mixed economy is a mix of which 2 economic systems?
Market and command
Command and free-enterprise
Market and socialist
Traditional and command
18
In economics, the three factors of production are land, labor, and capital.
True
False
19
In economics, "needs" refer to
things that people do not have
the basic, minimal things people must have to survive
a good education and adequate health care
luxuries such as new televisions, computers, and DVD players
20
Market economic systems come from the people and their relationship between supply and demand.
False
True
21
What is an entrepenuer?
A person who has never entered a business
A person who has no financial responsibilities
A person willing to take a risk
A person who works for minimum wage
22
The purpose of trade...
get rich
acquire things you don't have
meet the neighbors
exchanging ideas
23
GDP
Gross domestic people
Grass Domestic Product
Gross Domestic Product
Gross Domestic Development
24
Is this bartering?
No
Yes
25
Quotas, Tariffs, and Embargos are all trade barriers
True
False
26
Does the pure market economy exist in the real world?
Yes
Sometimes
I dont know
No
27
What are tariff barriers?
Rules and Regulations that made trade more difficult.
Limit placed on number of imports
Taxes on certain imports
28
Is this bartering?
No
Yes
29
Agriculture does not include
factories
animals
crops
plants
30
define human capital
no, blue did it
i don't know
green is the impostor
labor used to produce manufactured goods.
31
scarcity
too much of something
when there is not enough of something
the price
a movie
32
Another name for "planned economy"
Shared
Command
traditional
Market
33
All of these are trade barriers EXCEPT
Embargo
Tariff
Comparative advantage
Quota
34
Literacy Rate
A lot of books.
The act of continuing.
Things that are used to make other things.
The amount of people that can read and write in a country.
35
What is the USA's economy?
Traditional
Pure free market
Mixed
Command
36
What is trade without barriers?
Tariffs
Free Trade
Protectionism
Subsidies
37
What is a trade barrier?
Brings money out of the country
Decreases US security
Increases Net Exports
Blocks or inhibits international trade between countries
38
Human resources
is labor done by people that create goods and provide service
are for adults only
can only be found on the internet
doing something you don't want to do
39
What are examples of capital resources?
All of the above
Money
Equiptment
Tools
40
An economic system that combines elements of all the other basic systems.
Traditional
Mixed
Market
Command
41
Machinery, money and factories are examples of capital resources
False
True
42
Trade allows countries to buy _____ they do not have.
resources
advantages
tariffs
protection
43
When occurs the specialization?
WHEN COMPANIES ARE DEDICATED ESPECIALLY TO MAKING NEW PRODUCTS.
WHEN PEOPLE WORK FOR COMPANIES TO MAKE OTHER PRODUCTS.
WHEN PEOPLE AND BUSINESS ARE CONCENTRATED ON WHAT THEIR ARE BEST.
WHEN BUSINESS WORK ON THE BEST THAT GOES FOR THEM.
44
A capital resource is
The U.S. President
Money, Tools, Machinery, Goods, and Services
Very Important
In Jefferson City
45
A spending need is:
The first thing i see in the store
Something that looks good to me
Something my friend has
Something necessary to survive
46
In economics, the term capital goods includes
buildings and equipment
mental and physical work
trees and water
labor and management
47
Trade that takes place with other countries is called...
fictional trade
baby trade
foreign trade
wild trade
48
What can governments put in place to limit international trade?
free trade
imports
trade barriers
exports
49
An economic system heavily influenced by habits, customs, and religious beliefs.
Market
Command
Traditional
Mixed
50
What is the main argument against trade?
loss of jobs
more expensive goods
lower quality products
less variety of products
51
Trade that takes place within a country is called...
international
Domestic
superstitious
irrational
52
In this economic system, each generation of people does the same thing as their parents and grandparents.
Traditional
Mixed
Command
Market
53
What economic system does the untied states have?
Free enter prise
Traditional
Command
Mixed
54
What is agriculture?
the science of cultivating plants, animals, and other life forms
the study of all living things
materials or substances consumed by humans
how living things interact
55
What is equity in economics?
Value
Equality
Fairness
Welfare
56
Income poverty occurs when people are living below the poverty line.
False
True
57
Human capital is
The knowledge, skills, and land possessed by an individual
The skills, knowledge, and experience possessed by and individual
The skills, knowledge and money possessed by an individual
The demand, knowledge, and skills possessed by an individual
58
economic system in which individual choice and voluntary exchange direct economic decisions
centrally planned economy
market economy
traditional economy
command economy
59
Specialization leads to:_________
Market Competition
Voluntary Exchange
Price System
Private Property
60
Example of a capital good?
Smartphones used as a credit card
A website being used for shopping
Shoes that are used for people's feet
Farmlands is used to make a shopping outlet
61
why is a mixed economy not considered a main economic system
it's mixed with two economic systems
its mixed with nothing
there is no such thing as a mixed economy
62
economic system that is based on private ownership of the factors of production
consumer sovereignty
capitalism
market
competition
63
Which of the following is an example of bartering?
Nathan trades Jeron cookies for a $1.00.
Andrew gave the cashier $5.00 for a pack of gum.
Emma traded goldfish for two cookies with Sophie.
Addie washed Gabby's bicycle for $2.00.
64
Type of economy in which wages and distribution are controlled by government planners
market economy
mixed economy
command economy
traditional economy
65
What problem of a pure market economy is identified in the following picture?
lack of competition
too much competition
lack of food
too few fish
66
What is bartering?
Trading one good or service for another using money.
Trading one good or service for another without using money.
Giving your PB&J to a friend during lunch.
Trading your food for nothing in return.
67
In economics, "wants" refer to
a good education and adequate health care
luxuries such as new televisions, computers, and DVD players
things that people do not have
the basic, minimal things people must have to survive
68
True or False: For whom to produce, is one of the basic economic questions.
True
False

Unit 1 Review SS 6th Grade Flashcards | StudBud