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Duplicate of Economics Basics Flashcards | StudBud
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Duplicate of Economics Basics
Duplicate of Economics Basics
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A quiz for #6th graders covering basic terminology in #Economics.
Flashcards
15 cards
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Questions
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Answers
1
In a command economy...
Competition and quality of products are high.
Nothing is planned and regulated by the government.
Supply and demand are equal.
Everything is planned and regulated by the government.
2
What did the word "economy" originally mean?
The management of household or private affairs?
The management of supply and demand.
The management of consumers and producers.
The management of money and services.
3
Little competition leading to low quality is a characteristic of which economy?
Command
Traditional
Emerging
Market
4
If the Apple store runs out of iPhones before everyone in the line buys one, the ____ is low.
demand
supply
scalping
interdependency
5
Long lines outside the Apple store may suggest there's a high _____ for the new iPhone.
demand
scalping problem
supply
interdependancy
6
What is the "buying and selling of goods" called?
Trade
Economics
Importing
Exporting
7
When a country imports more than it exports we say there is a _____?
Trade Surplus
Trade Deficit
Market Economy
Command Economy
8
Which economy isn't interested in technological improvements?
Command
Traditional
Emerging
Market
9
Growing inequality between the rich and the poor is a characteristic of which economy?
Emerging
Market
Command
Traditional
10
Besides supply, what's another factor that can affect demand?
price
scalping
how much consumers want the product
interdependency
11
What's another name for Emerging Economies?
Sprout-Up Markets
Mixed Markets
Consumer Markets
Traditional Economies
12
What is it called when the United States buys a good and brings it home from other countries?
Economics
Trading
Importing
Exporting
13
What do we say when supply and demand are equal?
The economy is at equilibrium.
The demand is under supply.
The economy is equadistant.
The supply is beneath demand.
14
What is a trade surplus?
When supply and demand are equal.
When a country imports more than it exports.
When a country exports more than it imports.
When supply is greater than demand.
15
"Economy" currently describes the system in which we exchange _______ within a society.
cars, trains, and ships.
consumers, producers, and money.
goods, services, and money.
advantages, disadvantages, and benefits.
