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Economics Flashcards | StudBud
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Economics
Economics
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Answers
1
The need or desire people have for a product or service is called
demand
wage
producer
supply
2
Someone who is good at producing goods to make a profit and is a good manager is called ___
entrepreneur
consumer
wage
producer
3
Money people pay to the government is called __________
goods
taxes
producer
supply
4
Who makes a product?
supply
consumer
producer
wage
5
Something that is hard to find because there is so little of it is called ___
import
taxes
wage
scarcity
6
Who is it that buys a product or a service?
consumer
supply
producer
demand
7
A ________ is something one person does for another.
good
service
scarcity
bartering
8
People who work for a company are called_____
product
economics
human resources
scarcity
9
To bring a product or resource into one country from another is called_____
export
goods
competition
import
10
___ is what you have to give up in order to have something else.
income
goods
wage
opportunity cost
11
The system of producing and consuming goods and services.
wages
supply
service
economics
12
What is is called when someone trades or exchanges goods or services with someone?
human resources
bartering
services
scarcity
13
Things that are sold or owned are called_____
import
competition
goods
income
14
When the supply is high and the demand is low, the price goes ____
high
low
15
___ is a way of moving something from one place to another.
income
transportation
wage
goods
16
____ happens when companies produce and sell the same products.
export
producer
wage
competition
17
A _____ buys a product or a service.
demand
entrepreneur
consumer
supply
18
__ is information a producer gives about their product or service to get consumers to buy it
scarcity
bartering
advertisement
service
19
When a product or resource from one country is sold in another country it is called___
taxes
import
export
wage
20
The money people bring home from their job is called their _______
producer
supply
taxes
income
21
When the supply is low and the demand is high, the price goes____
low
high
22
____ is the amount of a product or service there is to be sold.
supply
scarcity
goods
wage