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Basics of Economics Flashcards | StudBud
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Basics of Economics
Basics of Economics
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An #economy basic for #middleschool kids.
Flashcards
15 cards
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Practice quiz
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Questions
15
Answers
1
Which of the following would you not see in a mixed economy?
Privately owned companies setting prices.
Neither of the above.
Governmental officials setting prices.
Both of the above.
2
When something grows to a worldwide scale it is known as ...
... famous.
... globalization.
... imperialistic.
... too big for its' britches.
3
What is it called when a person gives money to a business, expecting to share profits later?
Donation
Trading
Investing
Savings
4
Which of the following does not have a command economy?
Cuba
Modern China
North Korea
Soviet Union
5
Which of the following would you not see in a traditional economy?
Setting a price for a bushel of corn.
Hunting for meat.
Trading a cow for some beans.
Working in someone's fields for some clothing.
6
Which of the economies below is the oldest type to still exist?
Mixed Economy
Traditional Economy
Market Economy
Command Economy
7
Which type of economy is the United States?
Market Economy
Traditional Economy
Mixed Economy.
Command Economy
8
Which economy below allows businesses to control the means of production and resources?
Market Economy
Traditional Economy
Command Economy
Mixed Economy
9
Which economy is controlled by a centralized body, typically a federal government?
Market Economy
Traditional Economy
Mixed Economy
Command Economy
10
An economic system based on private ownership of businesses and capital is known as ...
...nationalism.
... mercantilism.
... capitalism.
...socialism.
11
When a person obtains funds to purchase or improve something, it is known as what?
Receiving
Borrowing
Loaning
Lending
12
Which word is best described as what you give up from alternatives, once a choice is made?
Opportunity cost
Price
Sacrifice
Savings
13
Which of the following is not a reason the United States is a mixed economy?
The government controls the system of weights and measures.
The government regulates transportation through taxes.
The government controls public education.
The government controls the mail delivery service.
14
Which of the following best describes paying for something later so you can take it home now?
Borrowing
Stealing
Credit
Savings
15
Which economy below combines both private and governmental roles in the economy?
Command Economy
Traditional Economy
Mixed Economy
Market Economy
