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Economics Review Flashcards | StudBud
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Economics Review
Economics Review
16 terms
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StudBud Administration
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149 plays
Review of 5th grade economics
Flashcards
16 cards
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Practice quiz
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Host live
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Questions
16
Answers
1
economic rivalry...
markets
competition
2
Exchange of goods - may or may not be voluntary and/or fair
scarcity
voluntary exchange
opportunity cost
trade
3
Focusing on the production on specific goods and services...
specialization
opportunity cost
price
productivity
4
Areas of competition for customers...
markets
competition
5
Provides goods and services, run by individuals and companies for profit...
household
private business
banking
government
6
When buyers and sellers freely and willingly engage in market exchanges...
opportunity cost
voluntary exchange
scarcity
trade
7
Someone's ________ is how much that person makes at a _____________.
income, career
career, income
budget, education
8
Consumers choose goods and services from different companies and suppliers.
markets
competition
9
Places where things are bought and sold
markets
competition
10
Collects taxes to provide individual and collective services...
household
private business
banking
government
11
Entrepreneurship is...
the work someone chooses to do for someone else
the training required for a career
the starting of a private business
the creation of plans to manage your income
12
Accept deposits, raise money from lenders, loans money...
government
banking
household
private business
13
What people are willing to give to get a good/service...
price
specialization
productivity
opportunity cost
14
Consumes, provides labor & owns private businesses
household
private business
banking
government
15
Next best option given up to get something else...
Price
Productivity
Opportunity Cost
Specialization
16
Relationship between the production of goods/services and how much labor was needed...
price
productivity
specialization
opportunity cost
