What is an economic system?

The system a government uses to make economic decisions

The essentials required to survive

Demand is the amount...

of a good/service a consumer is willing and able to purchase

What is the equilibrium price and quantity in this supply and demand graph?

$1.50 and 600 slices of cheese pizza

A material product desired to make like better

A mixed market economy is one where decisions are made by...

The government and the interaction between buyers & sellers

In the circular flow of income, a leakage is...

Money that leaves households but does not go to firms

The study of how people deal with scarce resources

The economic problem of scarcity is...

Unlimited wants, limited resources

Which of the following would make demand for jeans INCREASE?

Kylie Jenner says "jeans are the absolute coolest!"

Supply is the amount...

of a good/service a producer is willing and able to produce

Which of the following would make demand for jeans DECREASE

60 minutes releases a report: "Are your jeans killing you?

A market economy is one where decisions...

are made by the interactions between buyers and sellers

In the circular flow of income, an injection is...

Money that enters firms from a sector other than households

studbud

Year 8 Economics Revision

25 termsStudBud Administration494 plays

Test #1 revision!

Flashcards25 cardsFPractice quizPHost liveL

Questions 25

Answers

1
What is an economic system?
The system a government uses to make economic decisions
The system that money follows through an economy
A bank
The interaction between supply and demand
2
When there is a surplus, the price of the product will...
Go up
Go down
3
What is the market that sells shares called?
Product market
Factor market
Stockmarket
Retail market
4
When the circular flow of income is in equilibrium...
Leakages = injections
Leakages =/= injections
leakages > injections
injections > leakages
5
What is a need?
The quantity of something required
Material things we desire
A tangible good
The essentials required to survive
6
Which of the following is NOT one of the questions the economic problem forces us to ask?
Why to produce
How to produce
For whom to produce
What to produce
7
Demand is the amount...
of a good/service a consumer is willing and able to purchase
of a good/service a producer is willing and able to produce
8
What is the equilibrium price and quantity in this supply and demand graph?
$1.50 and 600 slices of cheese pizza
$1.50 and 600 slices of bread
$600 and 1.5 slices of bread
$600 and 1.5 slices of cheese pizza
9
What is a want?
An intangible good
Something required for our survival
A tangible good
A material product desired to make like better
10
A mixed market economy is one where decisions are made by...
People's needs
The interaction between buyers and sellers
The Government
The government and the interaction between buyers & sellers
11
In the circular flow of income, a leakage is...
Money that leaves firms but does not go to households
Money that leaves households but does not go to firms
Money that households pay to firms
Money that firms pay to households
12
What is economics?
The relationship between money and people
The study of the planets
The study of money, business and consumers
The study of how people deal with scarce resources
13
When there is a shortage the price of the product will...
Go down
Go up
14
A planned economy is one where decisions are made by...
Consumers
Producers
Consensus
Government
15
The economic problem of scarcity is...
Unlimited resources, limited wants
Unlimited wants, limited resources
Unlimited resources, limited needs
Unlimited needs, limited resources
16
A surplus occurs when...
Demand is greater than supply
Supply is greater than demand
17
A shortage occurs when...
Supply is greater than demand
Demand is greater than supply
18
A movement occurs due to a change in...
Supply
Weather
Price
Fashion
19
Which of the following would make demand for jeans INCREASE?
60 minutes releases a report: "Are your jeans killing you?"
New technology makes jeans easier to produce
Cotton becomes more expensive
Kylie Jenner says "jeans are the absolute coolest!"
20
When the circular flow of income is EXPANDING...
Injections>Leakages
Injections = Leakages
Injections < Leakages
Leakages>Injections
21
When the circular flow of income is contracting...
Leakages = Injections
Leakages< Injections
Injections > Leakages
Leakages> Injections
22
Supply is the amount...
of a good/service a consumer is willing and able to purchase
of a good/service a producer is willing and able to produce
23
Which of the following would make demand for jeans DECREASE
New technology means jeans are easier to produce
Cotton becomes more expensive
60 minutes releases a report: "Are your jeans killing you?
Kylie Jenner says jeans are "the absolute coolest!"
24
A market economy is one where decisions...
are made by what people need
are made by the government
are made by the interactions between buyers and sellers
are made by both the government and people in society
25
In the circular flow of income, an injection is...
Money that enters firms from a sector other than households
Money that enters households from a sector other than firms
Money that enters firms from households
Money that enters households from firms

Year 8 Economics Revision Flashcards | StudBud