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Econ Basics Review Flashcards | StudBud
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Econ Basics Review
Econ Basics Review
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#Econ for grade 10 #SocialStudies
Flashcards
12 cards
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Practice quiz
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Host live
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Questions
12
Answers
1
Nigella is a doctor. She works in [what] sector?
Tertiary
Quaternary
Secondary
Primary
2
The law of Supply: when the price of milk goes up then production goes...?
Sour
Up
Down
Sideways
3
Three types of resources are
Human, Capital, and...?
land
research
dolla-dolla bills y'all
water
4
Ephraim is a logger. He works in [what] sector?
Quaternary
Primary
Secondary
Tertiary
5
Peter works in tech research. He works in [what] sector?
Primary
Quaternary
Secondary
Tertiary
6
On my chicken farm the price of grain feed going up is an example of which shifter of supply?
Expectations
Number of Producers
Price of Resources
Technology
7
I have a chicken farm. The price of grain feed has gone WAY up. I produce more or less chicken?
More
Less
8
Latte's are on sale so you buy one for yourself
and for your friend
. This is an example of...
The Law of Reduced Marginal Utility
The Substitution Effect
The Income Effect
being a nice person :)
9
The Law of Demand: there is an
inverse
relationship btwn
price
and
quantity demanded
.
True
False
10
Cereal goes on sale so you buy more milk. This is an example of...?
The Price of Related Goods
Number of Consumers
Tastes and Preferences
Expections
11
Amber is a baker. She bakes bread to sell to grocery stores. She works in [what] sector?
Primary
Tertiary
Qauternary
Secondary
12
What is the economy?
This boring thing that only my parents need to think about.
A machine of production.
The interaction of consumers, businesses, and organizations.
Something you do with money...?
