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Economics Flashcards | StudBud
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Economics
Developing nations are...
Limited resources...
Economics
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An economics quiz to review the basics!
Flashcards
12 cards
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Practice quiz
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Questions
12
Answers
1
Limited resources...
require trading
demand choices
necessitate barter
supply our needs
2
Developing nations are...
poor
need to increase their use of resources
need to increase their GDP
Both 2 and 3
3
Giving someone a reason to buy something is...
an alternative business
a market economy
an economic incentive
an opportunity cost
4
Industrialized nations are those that...
have industry and there main business
have a booming economy
has a healthy GDP
make people work in an industry
5
Supply and Demand is
products/services and the need for them
the amount of products/services
unlimited resources in an economy
a surplus vs. a need
6
Economics is a social science that...
studies people
studies how people interact
studies money
studies the use of resources
7
Opportunity Cost is...
the cost of giving
the cost of an opportunity
giving up something to get something else
what you do to get something
8
Goods/Services are...
products and help
resources
companies
products
9
Globalization is...
taking a trip around the Earth
bringing people together
when goods and services are everywhere
American businesses in other countries
10
When a business has too much of its product ...
they need to offer an economic incentive
both 3 and 4
it is called a surplus
it will fail
11
Traditional, Mixed, Market, and Command are examples of...
supply and demand systems
different markets
different goods and services
various types of economic systems
12
The three types of resources in an economy are
human, capital, and natural
human, product, and paper
human, natural, and consumer
human, capital, and mechanical
