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Economics Review Flashcards | StudBud
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Economics Review
Economics Review
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7th grade Social Science review for 'Economics'
Flashcards
22 cards
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Practice quiz
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Questions
22
Answers
1
The money used in a country is called...
wage
bitcoin
gold
currency
2
5 NAMS students got sick after eating at Santiago's new restaurant. Prices will...because...
decrease; high demand
increase; low demand
decrease; low demand
increase; high demand
3
Brandon sells Barcelona uniforms out of his locker.
service
good
4
The measure of how many people want to buy a good or service.
GDP
demand
equilibrium
supply
5
When there is more of a product available than people willing to buy it.
shortage
demand
surplus
supply
6
When a company can constantly sell a product for the same price and keep up with demand.
equilibrium
supply
abundance
shortage
7
Ronaldo, the world's 8th best player, just quit. Ticket prices will... because
increase; high demand
decrease; low demand
decrease; high demand
increase; low supply
8
When a producer cannot keep up with the demand for a product.
surplus
stinginess
shortage
equilibrium
9
How much of a product is available for purchase.
shortage
demand
supply
surplus
10
Adrian ate all of the Takis in the US and the company cannot keep up. Prices will...because...
decrease; surplus
increase; surplus
increase; shortage
decrease; shortage
11
What did people do to get what they wanted before there was money?
Magic!
bitcoin
stole it
barter
12
Victoria set up a stand outside of the school where she sells chocolate.
service
good
13
The way goods and services are produced and consumed is called the...
Government
Production
Gambling
Economy
14
Brandon's Barcelona uniforms are almost out but people still want them. Prices will...because
increase; surplus
decrease; surplus
increase; shortage
decrease; shortage
15
Roxanne opened a business fixing other students' chromebooks. Good or service?
service
good
16
A large amount of oil has been found and companies continue to drill. Oil prices will...because
decrease; shortage
decrease; surplus
increase; low demand
increase; high demand
17
Damian Lillard ate at Prime Time making it the most popular in town. Prices will... because...
decrease; low supply
increase; high demand
decrease; low demand
increase; low supply
18
Everyone loves Avery's bad jokes. What will happen to the price of his service? Why?
increase; competion
decrease; low demand
decrease; low supply
increase; high demand
19
For just 1 dollar, Avery will tell you a really bad joke.
service
good
20
Almond farmers could not water their trees during a drought. Almond prices will...because...
increase; surplus
decrease; surplus
decrease; shortage
increase; shortage
21
A new law states that pigs will be fed only caviar and champagne. The price of bacon will...
equilibrium will be achieved
go down
go up
the price will stay the same
22
Yadira set up a chocolate stand next to Victoria's. What will happen to the price of chocolate? Why?
decrease; competition
increase; competition
decrease; more supply
increase; more supply