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Economics Basics Flashcards | StudBud
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Economics Basics
Economics Basics
20 terms
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StudBud Administration
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40 plays
Test your knowledge on fundamental concepts and terms in economics
Flashcards
20 cards
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Practice quiz
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Questions
20
Answers
1
What does scarcity mean?
Not enough of something
More than enough
Giving to a friend
Throwing things away
2
Which shows abundance?
Store with empty shelves
Fridge full of food
Closet with one jacket
Garden with one tomato
3
What is a consumer?
A farmer
A teacher
A builder
A buyer of goods
4
Which is an example of export?
Girl buying shoes
Store getting apples
Sending cars to Canada
Bakery making cupcakes
5
Which shows scarcity?
Toy store with toys
Table full of snacks
Closet filled with shoes
Store running out of milk
6
What is a producer?
A fixer of things
A shopper
A maker of goods
A toy buyer
7
What does abundance mean?
Just enough
Losing something
Not enough
More than you need
8
What are goods?
Jobs people do
Sounds and music
Things you can touch
Things you throw away
9
What is an example of a want?
A winter coat
A new tablet
A sandwich
A glass of milk
10
What is a need?
Something for fun
Can't live without
A toy
A birthday present
11
Which is a basic need to live?
A video game
A teddy bear
A soft pillow
Clean water
12
What is import?
Selling goods abroad
Making new products
Throwing away items
Bringing goods in
13
What does consumer mean?
Buys or uses goods
Plays outside
Fixes machines
Makes products
14
What does export mean?
Selling goods abroad
Buying food from store
Bringing goods in
Making goods at home
15
Which is an example of a service?
A toy robot
A bag of apples
A new book
A plumber fixing a sink
16
What is a want?
Used every day
Want but not need
Must have to live
Type of job
17
What is a service?
A toy you play with
A buyer of things
Job to help others
Something you eat
18
Which is an example of import?
Getting bananas from abroad
Making toys at home
Selling apples at market
Sending cars abroad
19
Which is an example of goods?
A school lesson
A toy truck
A haircut
A doctor’s visit
20
Which shows a producer?
Girl getting haircut
Boy buying lunch
Farmer growing carrots
Teacher reading book
