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Economics VIZ Flashcards | StudBud
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Economics VIZ
Economics VIZ
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Answers
1
This is the opposite of spending.
saving
trading
barterting
spending
2
What is economics based on?
how goods and services are consumed
ice cream
how goods and services are produced
both blue and orange
3
Which of the following is an efficient way to work and make the cost of items produced at a lower price?
product organization
dedication
specialization
opportunity cost
4
What is a personal budget?
money to buy a panda
savings account
financial plan
a loan
5
Who sells goods or services for a price?
buyers
savers
sellers
manufacturers
6
When the supply is ______ the demand is ______.
high, low
low, high
toys, internet
all of the above
7
What is an example of a loan?
trading a bike for a ball
a good or a service
getting a puppy named furball
borrowing money from the bank for college
8
What is sometimes used to affect people's buying behaviors?
higher prices
credit cards
spending
price incentives
9
This is the act of giving money for a good or service.
saving
trading
bartering
spending
10
What is the value of what is given up when a choice is made?
price
opportunity cost
spending
saving
11
What is a natural resource?
capital goods
human capital
resources found naturally on Earth used to make other goods
a person who pays taxes
12
Which of the following describes how much money workers and companies make and how they live?
price incentive
standard of living
cost of living
specialization
13
Which of the following describes how workers efficiently create goods or services?
productivity
price incentive
specialization
equalization
14
_____ are money that is paid to a person for work that is done.
bills
loans
budgets
wages
15
When supply is high demand is low.
True
False
16
What is the role of a consumer in an economy?
a person who makes goods
a person who is an entrepreneur
a person who acquires goods or services to use
a person who does services
17
Who purchases goods?
sellers
buyers
savers
manufacturers
18
Which is not a type of economic resource?
capital
human
natural
tax on services
19
What is bartering?
borrowing money for college
going on Mt. Everest at Disney World
trading
paying the government
20
What is the effect of competition on prices for consumers?
competition increases price
competition drives prices down
competition gets you a bunch of candy
competition keeps prices the same
