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MSTEP Review - Economics Flashcards | StudBud
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MSTEP Review - Economics
MSTEP Review - Economics
30 terms
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StudBud Administration
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528 plays
#5thgrade #socialstudies #economcis #supply #demand #producer #consumer #assemblyline
Flashcards
30 cards
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Practice quiz
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Questions
30
Answers
1
Food, Water, Shelter, and Clothes are all examples of what?
Need
Want
2
A doctor, chef, teacher, and football player are examples of?
Services
Goods
3
The action done for people who pay is...
Goods
Services
4
When specialization occurs it leads to...
Increased production
Decreased production
5
In a market equilibrium the supply and the demand are....
Equal
Different
Opposite
Perfect
6
U can pick a Starbucks or Chipotle gift card. U pick Chipotle. What's your Opportunity Cost?
You lost the chance to go to Starbucks
You lost the chance to go to Chipotle
You didn't lose anything.
7
When a person specializes in doing one part of a task, and relies on others to complete
Interdependence
Specialization
Assembly Line
8
A capital resource is...
Tools used to perform the goods/services
Non manmade items
Service providers
9
What happens to the price when: supply increases and demand stays the same?
Price will go down
Price will stay the same
Price will go up
10
How much of the total amount of a specific good or service that is available to consumers?
Supply
Demand
11
A physical item that can be bought, touched, and used...is a?
Good
Service
12
A want is....
Things that make life more fun, but you could live without.
Things you need to survive.
13
What means "dependent on others for some needs"?
Specialization
Interdependence
Assembly Line
14
The amount of product that people WANT TO BUY at a given price.
Supply
Demand
15
What happens to the price when: supply stays the same and demand decreases?
Price will stay the same
Price will go up
Price will go down
16
An oven, sewing machine, and conveyor belt are examples of which resource?
Human
Capital
Natural
17
A car, food, medicine, and a basketball are examples of?
Services
Goods
18
Eating a slice of pizza or going to the movies, makes you a...
Consumer
Producer
19
A doctor, truck driver, and basketball player are examples of what type of resource?
Human
Capital
Natural
20
Water, trees, coal, and oil are examples of which resource?
Natural
Human
Capital
21
An arrangement of machines, equipment, & workers which work passes from operation to operation,
Interdependence
Assembly Line
Specialization
22
A person who use goods and services, is a?
Consumer
Producer
23
A need is....
Things that make life more fun, but could live without.
Things you must have in order to survive.
24
What happens to the price when: supply decrease and demand stays the same?
Price will go down
Price will stay the same
Price will go up
25
Washing dishes or baking cookies, makes you a?
Consumer
Producer
26
video games, cell phone, designer shoes, and candy are all examples of what?
Want
Need
27
What happens to the price when: supply stays the same and demand increases?
Price will go up
Price stays the same
Price will go down
28
A person who provide goods and services, is a?
Producer
Consumer
29
A human resource is....
Service providers
A non manmade item
Tools used to produce goods/services
30
A natural resource is..
Tools used to perform the goods/services
A non manmade item
Services providers
