stud
bud
Sign up
Log in
Home
Library
Explore
SAT
More
Year 8 Economics: intro, supply & demand, markets Flashcards | StudBud
Explore
/
Year 8 Economics: intro, supply & demand, markets
Year 8 Economics: intro, supply & demand, markets
20 terms
·
StudBud Administration
·
302 plays
#year8 #humanities #economics #markets #supplyanddemand
Flashcards
20 cards
F
Practice quiz
P
Host live
L
Questions
20
Answers
1
The economic problem of having unlimited wants but limited resources is called
market equilibrium
mixed economy
scarcity
availability
2
Which factor of production is water an example of?
Enterprise
Capital
Land
Labour
3
Which of these can be classified as a need?
Pizza
Friends
Shelter
Netflix
4
Physical things that you can see and feel are called
services
trade
purchases
goods
5
What is the name given to a person who makes decisions about how a business uses its resources?
Manager
Producer
Entrepreneur
Enterpriser
6
The government raises money through...
Controlling the factors of production
Taxing households and businesses
Generating workers
Spending money
7
According to the law of supply, a business will be willing to supply more of a product if...
The price is low
The price is high
The price stays the same
8
Which factor of production is an accountant an example of?
Land
Capital
Enterprise
Labour
9
Actions that other people might perform for us and are not physical items are called
agreements
trade
services
goods
10
The "market price" of a good or service is based on...
profit and loss
consumers and producers
supply and demand
costs and choices
11
Producers need to determine what to produce, how to produce it, and
who to produce for
how much profit to make
where to sell
how much to charge
12
We have market equilibrium when
supply and demand are in balance
both consumers and producers are happy
the market price is set
buyers and sellers trade freely
13
The factors of production are land, labour, capital, and
entrepreneurs
equilibrium
elementary
enterprise
14
Which factor of production is a 3D printer an example of?
Enterprise
Labour
Land
Capital
15
The government's role in the economy is to
Control the factors of production
Provide workers for the economy
Provide public goods and services
Generate income for households and businesses
16
According to the law of demand, if everything stays the same, when the price of a product rises
then the quantity of producers rise
then the quantity demanded will rise
then the quantity demanded will fall
then the quantity supplied will fall
17
What name is given to someone who buys and uses goods and services?
Producer
Consumer
Customer
Entrepreneur
18
Which of the following is a service?
A soft drink
A car wash
A phone
A shirt
19
The amount that buyers and sellers agree on is called the
market price
limited price
profit
market choice
20
Which of these is NOT one of the factors of production?
Labour
Capital
Money
Enterprise
