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Economics 6th grade Flashcards | StudBud
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Economics 6th grade
Economics 6th grade
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A #socialstudies #Quiz to help students understand and study the basics of economics!
Flashcards
14 cards
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Practice quiz
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Questions
14
Answers
1
Putting resources into producing what you can best produce
Human capital
Physical Capital
Specialization
Scarcity
2
The voluntary exchange of goods and services.
Quota
Embargo
Trade
Physical Capital
3
A person who starts a business is known as a
Entrepreneur
Scarcity
Trade
Specialization
4
In which economic system do people make economic decisions based on buyers and sellers?
Traditional
Market
Command
Mixed
5
How does having natural resources help the economy of a country?
Money is saved because it doesn't have to import resources.
Natural resources can be exported which provides income.
The country is able to produce everything it needs.
Companies spend more money to buy natural resources.
6
Resources from nature
natural resources
Tariff
Embargo
Quota
7
A limited supply of something
Scarcity
Tariff
Entrepreneur
Quota
8
The education, training, skills, and health of the workers in a business or country
Human Capital
Specialization
Scarcity
Physical Capital
9
What is an example of an entrepreneur?
Putting a limit of goods imported.
Starting ones own business.
Constructing a new factory.
Stopping trade with another country.
10
Why is it important for a country to invest in human capital?
To have more factories.
The country is more successful when workers are educated.
To get more computers.
To make more products.
11
What is an example of investing in capital by a company?
Sending workers to workshops.
Training new workers.
Education young children.
Constructing new factories.
12
The total value or all the final goods and services produced in a country in one year
Export
Import
Scarcity
Gross Domestic Product
13
the factories, machines, technologies, buildings, and property needed for a business to operate
Scarcity
Physical capital
Trade
Human capital
14
In which economic system are the decisions based on customs and habits of the past?
Traditional
Market
Mixed
Command
