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Economics Review Flashcards | StudBud
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Economics Review
Economics Review
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1
Which situation might cause the price of sugar candy to increase?
A disease destroys much of the world's supply of sugar
New machinery brings down the cost of manufacturing candy
Many new producers start selling candy
A good sugar substitute for making candy is found
2
What is an example of a natural resource?
gold
specialized skills
money
3
What is a positive effect of competition for the consumer?
more advertisements
quality goes down
more choices
prices go up
4
What is most likely to occur to supply as the price of an item decreases because of low sales?
The supply of the item will increase
The supply of that item will decrease as producers make less
5
What type of industry is agriculture?
To grow plants
To make products using machinery
To extract raw materials
6
What is an example of a secondary product?
table
tree
leaf
branch
7
vocab- to sell goods and resources and ship them out
demand
import
export
competition
8
Piland has fertile land and little to no factories, what might it specialize in?
A. Manufactured goods
A. Agricultural goods
A. Shipping
9
What type of industry is manufacturing?
To grow crops
To make products using machinery
To extract raw materials
10
What kind of country would make the best trading partner for the country below?
A country that specializes in tourism and farming
A country with few factories and little manufacturing
A country with an agricultural economy
A country that specializes in manufacturing technology
11
Vocab- lack of sufficient resources to produce enough goods or services
scarcity
competition
demand
12
How do countries decide what to trade and who to trade with?
Based off which countries ask them to trade
Based off of scarcity of resources
Based off allies only
13
Vocab- to rely on others to meet wants and needs
interdependence
global trade
export
competition
14
The new iphone has come out. What does this do to the demand and price of the older version?
Goes up
Goes down
Stays the same
15
Vocab- concentrating on producing one kind of good or service
supply
production
specialization
16
What is an example of a human resource?
specialized skills
crude oil
tools
17
What is an example of a capital resource?
coal
Level of education
roads
18
Why does the U.S. import a crop like tea which needs a tropical or subtropical climate to grow?
There are plenty of tea drinkers in the U.S.
The climate of the U.S. is not right for growing tea
The U.S. wants to give money to farmers in other countries
Tea-growers want Americans to drink more tea
19
Based on the information in the chart, what should the country below specialize in producing?
Airplanes
Advanced weaponary
Industrial machinery
Crops for food and textiles
20
When supply decreases, demand and price will___________
Decrease
Increase
21
What are the three types of resources a country has?
Human, Capital, Land
Human, Natural, Capital
Capital, Land, Animals
22
When supply increases, demand and price will ___________
Decrease
Increase
