stud
bud
Sign up
Log in
Home
Library
Explore
SAT
More
Economics Basics Flashcards | StudBud
Explore
/
Economics Basics
Economics Basics
26 terms
·
StudBud Administration
·
1 play
Test your knowledge on the fundamental concepts of economics
Flashcards
26 cards
F
Practice quiz
P
Host live
L
Questions
26
Answers
1
An example of a producer is
Farmer
Drinks
Pencil
A person who buys goods
2
True or false: Consumers create goods.
True
False
3
Goods are items such as pencils, food, and drinks
True
False
4
An example of interdependence is a student/teacher relationship.
False
True
5
Opportunity cost involves giving up something when
become a consumer
Nothing important
All options
You make a choice
6
Capital resources are resources used to:
Consume directly
Study economics
Help make or create products
Entertain consumers
7
Income is money that comes in
True
False
8
All of the following are ways to earn income EXCEPT
Chores
Pet sit
Hire someone to do it for you
Empty the dishwasher
9
A hammer, pencil, and utensils are examples of
Interdependence
Human resources
Natural resources
Capital Resources
10
Who are considered consumers?
People who buy or use goods and services
Service providers
The person who create or sell items
Resource gatherers
11
Specialization occurs when people:
Know a little about everything
Choose to become good at a specific thing
Work in many jobs
Avoid learning new skills
12
Income is money that you spend
True
False
13
Human resources are those who:
Control nature
Help create products
Invest money
Buy goods
14
An example of a service is house cleaner or fire fighter
False
True
15
True or false: Goods can be services.
True
False
16
Natural resources are:
Unnecessary for production
Only water and air
Things from nature needed to create or produce a product
Man-made items
17
Producers are people who:
Consume resources
Sell only services
Create or sell goods or services
Buy products
18
Goods are items you can:
Always use
Only see
Buy, touch, hold
Imagine
19
Interest is money you are paid for:
Providing services
Lending your money
Creating resources
Selling goods
20
If an item is scare, it means what?
Shortage
Excess
Abundance
Sufficiency
21
Examples of specialization include all of the following EXCEPT which one?
Chef
Doctor
Hammer, pencils, and utensils
Lawyer
22
Interdependence means you:
Need or depend on others
Ignore external factors
Have unlimited resources
Act independently
23
Services are what?
Physical products
Things done for you
Self-provided
Natural phenomena
24
Oil, plants, and water are examples of natural resources.
False
True
25
If an item is scare, this means what?
Limited amount
Unlimited resources
Excess goods
Abundant services
26
Who benefits from interest?
Consumer
Producer
Borrower
The person lending the money
