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Unit 1-Basic Economics Concepts, Economic Systems and Global Trade Flashcards | StudBud
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Unit 1-Basic Economics Concepts, Economic Systems and Global Trade
Unit 1-Basic Economics Concepts, Economic Systems and Global Trade
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VA SOL 11a-c, 12a-d
Flashcards
22 cards
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Questions
22
Answers
1
This is what is given up when a choice is made.
supply
scarcity
opportunity cost
demand
2
The amount of money exchanged for a good or service.
consumption
opportunity cost
price
incentive
3
The combining of our four resources to make goods or provide services
production
consumption
incentive
choice
4
How has technology impacted the global economy?
lower cost of production
slower economic growth
the creation of new types of money
higher production costs
5
Which type of economy is best represented by the picture?
mixed economy
free market economy
command economy
traditional economy
6
This picture shows which reason why nations trade.
to increase effeciency
to sell goods they produce
to create jobs
to get things they can not produce efficiently
7
The inability to satisfy all wants at the same time
production
consumption
incentive
scarcity
8
Which type of economy is best represented by the picture?
mixed economy
command economy
traditional economy
free market economy
9
Workers are an example of which type of resource?
capital
natural
human
entrepreneuship
10
Trees are an example of what type of resource?
natural
capital
entrepreneurship
human
11
Which is NOT a reason why nations trade?
to buy goods at a lower price
to lower employment rates
to sell goods they produce
to get things they can not produce efficiently
12
The amount of goods or services consumers are willing to buy at a certain price..
supply
consumption
incentive
demand
13
Which type of economy is best represented by the picture?
command economy
traditional economy
mixed economy
free market economy
14
The interaction between supply and demand determines...
consumer preference
free markets
price of goods and services
mixed economies
15
Why do states trade too?
to promote efficiency and growth
to decrease wages and competition
to promote a more traditional way of life
to promote less competition
16
The process of buying and using goods and services
consumption
goods
distribution
production
17
The amount of a good or service producers are willing and able to sell at a certain price.
opportunity cost
demand
choice
supply
18
Which type of economy is best represented by the picture?
free market economy
command economy
traditional economy
mixed economy
19
Joe's decision to go to dinner is an example of-
choice
scarcity
captial
opportunity cost
20
How has technology impacted the global economy?
faster flow of information, goods and services
decrease in globalization
higher production costs
slower flow of information, goods and services
21
A bulldozer is an example of what type of resource?
capital
human
natural
entrepreneurship
22
Which economic principle is shown here?
capital
resource
incentive
consumption
