Why is understanding economics important?

It helps us understand how to spend money wisely

What characterizes a market economy?

Decisions are based made on supply and demand

What does globalization refer to?

Increased interconnectedness among countries through trade & communication

What does 'supply' refer to in economics?

The total number of products available at a given price

What are the four major kinds of resources in economics?

Labor, Capital, Entrepreneurship, Land

What is 'opportunity cost?'

The value of the next best alternative that is forgone when making a choice

What does 'recession' mean in economics terms?

When there is a significant decline in economic activity

What is a mixed economy?

An economy that combines elements from both market and command economies

What does 'scarcity' mean in economics?

Limited resources compared to unlimited wants

Goods brought into one country from another

What is 'demand' in economic terms?

The desire to own something and the ability to pay for it

Goods sent out of one country to be sold elsewhere

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6th Economics Bellringer

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Questions 15

Answers

1
Why is understanding economics important?
It actually has no real-world application
It helps us understand how to spend money wisely
It teaches us to ignore financial problems
It teaches us how to avoid work
2
What characterizes a market economy?
Government controls all businesses
Resources are shared equally among everyone
Production is based on tradition
Decisions are based made on supply and demand
3
What does globalization refer to?
Only rich countries trading with each other
Local businesses competing against eachother
Countries becoming more isolated from eachother
Increased interconnectedness among countries through trade & communication
4
What does 'supply' refer to in economics?
The money needed to buy goods and services
The total number of products available at a given price
The process of making goods and services
The amount of goods and services that consumers want
5
What are the four major kinds of resources in economics?
Supply, Demand, Trade, Value
Money, Time, Effort, Knowledge
Labor, Capital, Entrepreneurship, Land
Goods, Services, Needs, Wants
6
What is 'opportunity cost?'
Costs associated with production only
The value of the next best alternative that is forgone when making a choice
Costs that do not regard production
Costs that do not change regardless of production levels
7
What does 'recession' mean in economics terms?
When exports exceed improts
When there is a significant decline in economic activity
When prices rise quickly across the board
When people have more jobs than they need
8
What is 'inflation?'
Decrease in prices over time
Increase in prices over time
Equal trade between countries
Stability in pricing
9
What is a mixed economy?
An economy that uses only traditional methods
An economy that has no government involvement
An economy where everything is free
An economy that combines elements from both market and command economies
10
In which type of economy does the government make all economic decisions?
Command
Market
Mixed
Traditional
11
What does 'scarcity' mean in economics?
Having too many resources available
Unlimited resources for everyone
A situation where prices are too high
Limited resources compared to unlimited wants
12
What are imports?
Goods brought into one country from another
Products sold exclusively online
Goods produced within the country
Services provided by local businesses
13
What type of economy relies on customs and traditions>
Market
Command
Traditional
Mixed
14
What is 'demand' in economic terms?
The desire to own something and the ability to pay for it
The costs of producing goods and services
The amount of money spent by consumers
The total number of products available for sale
15
What are exports?
Products made locally only
Goods sent out of one country to be sold elsewhere
Goods brought into one country from another
Services provided within a country only

6th Economics Bellringer Flashcards | StudBud