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Chapter 4 Lesson 2- Economy Flashcards | StudBud
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Chapter 4 Lesson 2- Economy
Chapter 4 Lesson 2- Economy
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This is a quiz for MyWorldSocialStudies Chapter 4- Lesson 2
Flashcards
15 cards
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Questions
15
Answers
1
What took the place of bartering in America?
All of the above.
Trading
Money
Matching prices
2
If Xbox games go through inflation, how does that affect the amount of games we can afford?
We can buy 3 Xbox games.
We can buy more Xbox games.
We can buy the same amount of Xbox games.
We can buy less Xbox games.
3
What is an investor?
A rise in the usual price of goods and services.
A person who takes a risk and opens a business.
The amount of product that consumers are willing to buy
Someone who loans money to a business.
4
Income is the amount of profit a company has after a certain amount of time.
True
False
5
What is an example of a company that went out of business due to their competitors.
McDonalds
Blockbuster
Walmart
Wendys
6
If demand of a product increases, what should happen to the supply?
None of the above.
It should stay the same.
It should decrease.
It should increase.
7
What is an entrepreneur?
Someone who loans money to a business.
A person who takes a risk and opens a business.
The amount of product that consumers are willing to buy.
The type of money used in a specific place.
8
What is Supply?
The amount of product that businesses have available to sell
The amount of product that consumers are willing to buy.
A rise in the usual price of goods and services.
The type of money used in a specific place.
9
What is ONE example of why it is expensive to own a business?
You have to come into work.
You have to pay your employees.
None of the above.
You have to buy a cell phone.
10
What is currency?
A dollar
A peso
Both answers 1 and 2.
Any type of money in that specific place.
11
What is inflation?
All of the above.
When the price of a product stays the same.
An increase in the price of a product.
A decrease in the price of a product.
12
What is bartering?
To match the price of products.
To buy products.
To sell products.
To trade products.
13
What is profit?
To trade a good or service for another good or service.
The money a business has left over after they pay expenses.
The type of money used in a specific place.
The profit a business earns over a period of time.
14
What is demand?
The profit a business earns over a period of time
The amount of product that consumers are willing to buy.
The type of money used in a specific place
The amount of product that businesses have available to sell
15
What happens to a business that can't keep up with their competitors?
They sell new products.
They combine their companies.
They switch locations.
They go out of business.
