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Economy Flashcards | StudBud
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Economy
Economy
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1
What are taxes used for?
To repair roads, build parks, and support fire and police stations.
To buy candy for dogs.
To pay for houses for everyone.
2
How many people want a certain item at a time.
Supply
Demand
Scarce
3
Everyone who buys and uses products are what?
consumers
producers
4
I am a teacher who teaches ONLY teaches Social Studies. Does that mean I specialize in Social Studies?
No
Yes
5
Everyone is a consumer!
False
True
6
A mass produced item is made quickly and cheaply.
True
False
7
Someone who specializes does
a little bit of everything not very well
one task or skill really, really well
8
Does consumer choice influence economics (supply and demand)?
No
Yes
9
What is choice?
When you pick between two or more products.
A item that is scarce.
Something that people are fighting over.
10
A consumer needs 4 things:
food, shelter, medical care, clothing
cellphones, fancy cars, vacations, computers
dogs, food, cellphones, computers
11
When the supply of a product decreases, the price goes up.
False
True
12
What is the purpose of banks?
To order food from.
To invest in.
To sled down.
To store money safely.
13
A person opens up a bookstore. The business is not doing well. What can they do to increase sales to make more money?
All of the above
Advertise
Lower the price of books
Change the location of the store
14
Pepperidge Farms makes Goldfish crackers. They are
consumers
producers
15
Something that is in high demand may be scarce.
True
False
16
A consumer does not need but wants things like:
cellphones, fancy cars, vacations, game systems, computers
food, shelter, medical care, clothing
17
Our lemonade stand produced what product?
ice cream
Oreos
cookies
lemonade
18
A store has workers restocking shelves and helping customers. What is this called?
Producers
Demand
Consumers
Division of Labor
19
Taxes are used by the government to provide goods and services.
False
True
20
What is the difference between a consumer NEED and a consumer WANT?
A WANT is something a consumer would die or get sick if they didn't have.
A NEED is something a consumer would die or get sick if they didn't have.
21
Consumers do what?
Buy and use products made by other people.
Sell products made by other people.
Make products to sell.
22
Something that is scarce is in low supply.
False
True
23
What is economics?
It's about ecology.
It's how people spend $$ and make $$.
I don't know.
24
A supply that is running low, there isn't enough of it for everyone.
Supply
Scarce
Demand
25
Workers who focus on a single task are practicing specialization.
False
True
26
What time of year would you probably find the lowest prices on summer clothes?
Summer
Prices are the same all year round
Winter
27
An item that is in high demand but is in low supply may be
a lower price
a higher price
normal price
