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Economics Final Project Flashcards | StudBud
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Economics Final Project
Economics Final Project
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Answers
1
what is economics ?
the study of money
the study of stock market
how people satisfy unlimited wants with the use of scarce resource
the study of government policies
2
What is the difference between Needs and Wants?
wants are fun, needs are boring
needs are cheap, wants are expensive
needs are for kids, wants are for adults
needs are essential ,wants are desires
3
What is a scholarship?
only for athletes
a type of loan
money for education based on merit or achievement
money you have pay back
4
What is a bond?
A government -issued form of identifications
A share of ownership in a company
A debt instrument issued by companies or governments to raise capital
A type of savings account
5
What is the difference between a job and a career ?
A jobs requires education while a career does not
A job is short -term while a career is a long -term professional path
A job Is always paid while a career is not
there is no difference between a job and a career
6
What are the basic economic questions?
what to eat
for whom should it be produced
how should it be produced
what should be produced
7
What is being employed?
currently holding a job either full-time or - part time
volunteering
actively seeking a job but unable to find one
not having a job and not looking for one
8
What is FICA?
foreign investment coordination authority
federal investigation and consumer agency
financial industry compliance administration
federal insurance contributions Act
9
What is credit?
money you have in your bank account
A type of government benefit
A discount you get when paying with cash
the ability to borrow money or access goods or services
10
What are goods and/or services ?
goods are physical items, services are actions
goods are free, services cost money
good are for adults services are for kids
goods are fun ,services are boring
11
What is the difference between Hard skills and Soft skills?
skills are for school
hard skill are easy
hard skill are teachable soft skill are personality -based
soft skills are hard
12
What is COLA?
carbon offset lending arrangement
community Outreach and legal assistance
centralized online learning academy
cost of living adjustment
13
What is the Federal Reserve?
A private bank that serves only wealthy individuals
A branch of the U..S treasury that prints money
A government agency that regulates the stock market
the central bank of the United States
14
What is human capital?
money used to start a business
the skills and knowledge a worker possesses
A type of government bond
buildings and equipment used in production
15
What is being unemployed?
not having a job and not looking for one
working part-time
actively seeking a job but unable to find one
being ratired
16
What are taxes?
donations to charitable organizations
voluntary payments to government services
fees for using public park
mandatory contributions to state revenue
17
What is an interest?
A fee using public services
A type of government tax
the total amount of money you have
the cost of borrowing money
18
What causes a change in supply?
change in input cost technology or number of sellers
change in the weather
change in consumer tastes
change in income
19
What are the 3 economic systems?
Market economy
Mixed economy
Command/Planned economy
Freedom economy
20
What is deflation?
A period of high economic growth
A decrease the unemployment rate
a general increase in prices for goods and services
a general increase in prices for goods and services
