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Economics Basics Flashcards | StudBud
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Economics Basics
Economics Basics
20 terms
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Quiz on Economics
Flashcards
20 cards
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Questions
20
Answers
1
What is Sales tax?
percentage of money taken from your income by the government
a tax that the cashier has to pay
if you sell something for less than you pay for it
percentage of what you purchase that goes to government
2
Demand is
another name for a service
a name of a coin used in the Caribbean
the number of people who want or need something
the amount of something that is available
3
The amount of money you make after you cover the costs is your
profit
loss
sales
demand
4
Any asset used in production of goods or services(tools, machines, buildings)
human resources
natural resources
capital resources
income tax
5
An example of a service provided by "The Giving Tree" was
branches
providing shade
leaves
apples
6
When the costs to make an item are more than you are able to sell it for
goods
profit
interdependence
loss
7
Something useful that people do for others is called a
service
demand
currency
trade
8
A person who comes up with a product or service
specialist
consumer
entrepreneur
scarcity
9
What does
scarcity
mean?
To be scared of something
An item is easy to find or get
An item is difficult to find or get
To give an item in return for something else
10
If an item is in high ______, the item may be sold out.
exchange
demand
supply
effect
11
What does the government do with money collected from taxes?
all of the above
repair roads and bridges
fund police and fire departments
pay for public schools and libraries
12
When a product is scarce, the sellers may
charge a high price for it
give it away for free
give people a discount
charge a low price for it
13
This picture is an example of a service
True
False
14
Economics is the
study of echolocation
study of how people use money, goods, and services
study of how microphones work
study of the natural landmarks
15
How much people want or need something
demand
supply
producer
opportunity cost
16
Erin gave Taylor her bag of Skittles. Taylor gave Erin his bag of M&M's. This is called...
order
exchange or bartering
service
arrangement
17
Anything found in nature that people can use to meet their needs
human resource
tax resource
capital resource
natural resource
18
The 13 colonies economy depended on...
all of the above
their natural resources
their population
their geography
19
If you go to the bookstore and buy a book, that book is a
trade
buyer
good
service
20
When people or companies specialize in one part of a task
interdepedence
capital resources
loss
specialization
