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Economics Basics Flashcards | StudBud
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Economics Basics
Economics Basics
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Test your knowledge on GDP, inflation, demand, factors of production, and unemployment rate
Flashcards
23 cards
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Answers
1
Human resources
are for adults only
doing something you don't want to do
can only be found on the internet
is labor done by people that create goods and provide service
2
Which is not a factor of production?
Stocks
Labor
Capital
Land
3
Which of the Following is NOT a component of GDP
Foreign Goods
Consumption
Investment
Government spending
4
Examples of some services that people provide include
making clothing, cooking meals, lifting boxes
Producers and consumers
Children and adults
Mail carriers, teachers, truck drivers, electricians
5
Goods and services bought from other countries.
Tariff
Imports
Absolute advantage
Exports
6
What are capital resources?
the tools and buildings you use
Money
the things from nature you use
the workers
7
Human resources
doing something you don't want to do
are for adults only
is labor done by people that create goods and provide service
can only be found on the internet
8
Demand decreases when prices increase.
True
False
9
What is economics?
money remaining from revenues after expenses are paid
sales
The study of how goods/ services are produced, and consumed
the study of the government
10
What are Economic Resources?
Raw materials supplied by nature
things available to be used to produce goods and services
the production of goods and service
The people who produce goods and services
11
Define Scarcity
A social science dealing with people's needs and wants.
Needs and wants outweigh the amount of resources available.
A limited amount of resources compared to prices.
A fundamental problem in society.
12
Unemployment rate measures jobless workers.
True
False
13
A nations standard of living is a measure of not only the quantity of its products; but all so..
The GDP
The quality of its goods and services
capital
The people
14
What does GDP stand for?
Government Debt Percentage
General Domestic Product
Gross Domestic Product
Global Demand Pulse
15
Inflation leads to higher prices.
True
False
16
What are capital resources?
the tools and buildings you use
Money
the workers
the things from nature you use
17
What is the economic system in the United States?
capitalist economy
socialist economy
market economy
communist economy
18
Renewable resources are...
Resources that can't be renewed
None of the above
Resources that are no longer in use and are extinct
Resources that can be used one time then never again
19
What is GDP?
The dollar value of all goods and services in The USA
The dollar value of a Specific good & service in the USA
The dollar value of all goods and arrived in the whole world
All goods made by a country outide the border of a country
20
GDP Per Capita
Calculated by the Total Commerce
Calculated by the amount of labor force
Calculated by the amount of Unemployed
Calculated by the total population
21
The goods and services a country can produce depend on its
Needs
Economics
Wants
resources
22
11) What is the economic system in the United States?
Shipping economy
citizen independent economy
market economy
capitalist economy
23
Which of these are Included in GDP?
A car radio for a car that is going to be bought.
A car bought From a company that isn't American.
A Car from a American Dealership In America.
Social security that people pay throughout the year.
