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Economics - The Basics Flashcards | StudBud
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Economics - The Basics
Economics - The Basics
12 terms
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StudBud Administration
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13 plays
#economics #basics
Flashcards
12 cards
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Practice quiz
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Questions
12
Answers
1
In which economic system does the government make all the decisions?
Mixed
Market
Traditional
Command
2
A consumer is...
Someone who provides a service.
Someone who uses a good.
Someone who provides a good.
Someone who uses a service.
3
Which one of the following describes a good?
Car Wash
Sneakers
Babysitter
Dog Walker
4
The goal of economic freedom is to . . .
Give government a large say in the economy.
Limit competition between businesses.
Allow people to make choices.
Make sure businesses don't fail.
5
What happens to the price of something when supply is high and demand is low?
Price goes up.
Price goes down.
Price goes up and down.
Price stays the same.
6
Which of the following does
NOT
describe how businesses compete.
Incentives.
Lower prices.
Lower quality.
Better customer service.
7
A budget is . . .
A plan for investing your money.
A plan for earning your money.
A plan for counting your money.
A plan for spending and saving your money.
8
What does scarcity force us to do?
It forces us to fight for what we want.
It forces us to save our money.
It forces us to be kind.
It forces us to make decisions.
9
When is the last day of school?
June 14th
June 15th
June 16th
June 17th
10
What is Mrs. Heard's favorite candy bar?
Snickers
Kit Kat
Reese's PB Cups
Almond Joy
11
Which of the following describes taxes?
Money that individuals pay to the government.
Primary way government gets $$ to take care of our country.
Small pointy pins that hold papers on a bulletin board.
Money that businesses pay to the government.
12
Does a mechanic primarily provide a good or a service?
Service
Neither
Good
