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