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Duplicate of Economics 6th grade Flashcards | StudBud
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Duplicate of Economics 6th grade
Duplicate of Economics 6th grade
24 terms
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A #socialstudies #Quiz to help students understand and study the basics of economics!
Flashcards
24 cards
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Questions
24
Answers
1
Why does international trade require a system for exchanging currency among nations?
Constructing new factories,
Every country does not use the same type of currency.
Because buyers and sellers said so.
Not everyone has the same leader.
2
A specific limit placed on the number of imports that may enter a country
Quota
Trade
Physical capital
Embargo
3
A government ordering stopping trade with another country.
Quota
Trade
Embargo
Specialization
4
What is an example of an entrepreneur?
Stopping trade with another country.
Constructing a new factory.
Starting ones own business.
Putting a limit of goods imported.
5
Modern economies are a mixture of
Traditional and Market
Only Command
Command and Traditional
Command and Market
6
the factories, machines, technologies, buildings, and property needed for a business to operate
Physical capital
Human capital
Trade
Scarcity
7
Name all three trade barriers.
Command, Market, and Traditional
Savings, budget, and investment
Quota, Embargo, and Tariff
Scarcity, Specialization, and Entrepreneur
8
Limits on trade
Embargo
Trade
Trade barriers
Natural resources
9
In which economic system do people make economic decisions based on buyers and sellers?
Market
Mixed
Traditional
Command
10
In which economic system are economic decisions made by the government?
Mixed
Command
Market
Traditional
11
A limited supply of something
Scarcity
Tariff
Entrepreneur
Quota
12
Putting resources into producing what you can best produce
Specialization
Scarcity
Human capital
Physical Capital
13
The education, training, skills, and health of the workers in a business or country
Physical Capital
Specialization
Scarcity
Human Capital
14
Which of the following is NOT one of the 3 basic economic questions?
When to produce?
What to produce?
For whom to produce?
How to produce?
15
What is the main purpose of NAFTA?
To keep people in one country from buying goods from another
To create tariffs between Canada, Mexico, and the U.S.
Creating a large free trade zone.
Eliminating a large free trade zone.
16
The voluntary exchange of goods and services.
Quota
Trade
Physical Capital
Embargo
17
How does having natural resources help the economy of a country?
The country is able to produce everything it needs.
Natural resources can be exported which provides income.
Money is saved because it doesn't have to import resources.
Companies spend more money to buy natural resources.
18
Resources from nature
Quota
natural resources
Embargo
Tariff
19
The total value or all the final goods and services produced in a country in one year
Scarcity
Export
Import
Gross Domestic Product
20
In which economic system are the decisions based on customs and habits of the past?
Mixed
Market
Command
Traditional
21
A tax on imports
Trade
Quota
Tariff
Embargo
22
What is an example of investing in capital by a company?
Education young children.
Training new workers.
Constructing new factories.
Sending workers to workshops.
23
Why is it important for a country to invest in human capital?
The country is more successful when workers are educated.
To get more computers.
To make more products.
To have more factories.
24
A person who starts a business is known as a
Entrepreneur
Scarcity
Trade
Specialization
