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Minshew Economics D.A.
Minshew Economics D.A.
21 terms
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StudBud Administration
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Quiz on Economics
Flashcards
21 cards
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Questions
21
Answers
1
Demand is
a name of a coin used in the Caribbean
the number of people who want or need something
another name for a service
the amount of something that is available
2
Cost is
depositing money in the bank.
the amount of money made after a sale.
a way to exchange items with a friend.
the amount of money needed to produce a good.
3
Everyone wants a PS 6, the seller can
give them away for gifts.
raise the price.
lower the price.
throw them away.
4
The Scholastic Book Fair brought over 600 books to our school. They have a large ____ of books.
demand
supply
exchange
<p>scarcity</p>
5
What does
scarcity
mean?
An item is easy to find or get
To give an item in return for something else
An item is difficult to find or get
To be scared of something
6
When you sell a product for more than the cost, you have made a
producer
profit
purchase
payment
7
You get $5 a month for doing chores. How long will it take you to save $20?
3 months
6 weeks
4 weeks
4 months
8
Joe sells ice cream cones for $5. Then, Kate and May start selling them for $4. What does Joe need to do?
lower his price
give people two cones
give it away for free
raise his price
9
Why should you budget?
pay for everything you eat and money left to eat
pay for everything you need and money left for what you want
pay for your dog and money left for your cat
pay for everything you sell and money left for cheese
10
Sam went to get his hair cut by Dennis. Who is the producer?
Both
Neither
Dennis
Sam
11
If you go to the bookstore and buy a book, that book is a
buyer
service
trade
good
12
What business did Milton Hershey create?
Cosmatics
Hershey Chocolate
T.V network
Cell Phones
13
Economics is the
study of how people use money, goods, and services
study of how microphones work
study of the natural landmarks
study of echolocation
14
A person who purchases goods and services from other people is called a
cashier
servant
consumer
banker
15
One way to earn money is to
go to work at a job.
deposit money in the bank.
order an item on Amazon.
pay someone to fix your laptop.
16
If an item is in high ______, the item may be sold out.
demand
effect
supply
exchange
17
A budget will help me save for a goal that I have
Yes
Nah
The world may never know
Maybe
18
A person pays someone to do an action for him. This is called a
trade
currency
service
demand
19
Katie went to the doctor for a check-up. The doctor provided a _____.
product
good
service
supply
20
What business did Henry Ford create?
Ford Motor Company
T.V network
Hershey Chocolate
Cosmatics
21
What business did Sam Walton start?
HEB
Walmart
Target
Dollar General
