stud
bud
Sign up
Log in
Home
Library
Explore
SAT
More
Review Lesson 5.1 Economic Basics Flashcards | StudBud
Explore
/
Review Lesson 5.1 Economic Basics
Review Lesson 5.1 Economic Basics
25 terms
·
StudBud Administration
·
783 plays
REview lesson for 5.1 Economic Basics #northwesternlehighschooldistrict
Flashcards
25 cards
F
Practice quiz
P
Host live
L
Questions
25
Answers
1
T or F?
Money is a strong incentive for both consumers and producers.
FALSE
TRUE
2
If a store runs out of an advertised sale item, this is an example of...?
scarcity
marginal cost
production
capital
3
Which company is
not
a producer of athletic wear?
Nike
JC Penney
Under Armour
Reebok
4
In June, what word describes the supply of winter jackets in stores?
moderate (medium)
very high
low
high
5
Resources people use to make goods and/or perform services are known as...
factors of production
factors of consumption
factors of distribution
factors of supply
6
The desire for a good or service is...
supply
opportunity cost
scarcity
demand
7
What is the
opportunity cost
of purchasing a new video game?
sharing it with a friend
using your time to play it
paying money for it from your allowance
earning points on your rewards card
8
In June, what will be in high demand in the stores?
sandals
snowboards
Valentine's cards
swimsuits
9
What would be a
labor resource
of our school district?
school buses
school buildings
teachers
computers
10
What would be a
capital resource
of our school district?
school buses
computers
teachers
school buildings
11
Mental and physical are words that describe which factor of production?
labor
capital
land
12
Which is
not
an example of an economic incentive?
regular price
Buy One Get One
50% off sale
coupon for discount
13
Once Easter has passed, what word describes the supply of Peeps in the stores?
plentiful
low
high
moderate
14
The amount of a good or service that is available for a consumer to purchase is...
demand
supply
incentive
shortage
15
T or F?
The study of how people satisfy their needs and wants by making choices is economics.
TRUE
FALSE
16
Which is
not
one of the factors of production?
land
entrepreneurs
capital
labor
17
Fill in: Peeps will be in high ______ the week before Easter.
supply
demand
scarcity
producers
18
Which
land resource
would a builder use to frame a house?
sun
trees
trucks
tools
19
Goods and services are purchased/paid for by...
consumers
producers
20
Goods and services are produced by ...
producers
consumers
21
A limited quantity of resources to meet unlimited wants is known as...
marginal price
economics
scarcity
opportunity cost
22
What is known as the cost of what a consumer gives up in order to gain something?
production factors
opportunity cost
marginal cost
economic cost
23
When you go to Walmart to purchase groceries you are a...
producer
economist
consumer
worker
24
Which is
not
a good?
coach
ball
cleats
t-shirt
25
Which does
not
provide a service?
vacuum cleaner
nurse
dentist
bus driver
