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Duplicate of Economics 6th grade Flashcards | StudBud
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Duplicate of Economics 6th grade
Duplicate of Economics 6th grade
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A #socialstudies #Quiz to help students understand and study the basics of economics!
Flashcards
26 cards
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Questions
26
Answers
1
Limits on trade
Trade barriers
Trade
Natural resources
Embargo
2
A government ordering stopping trade with another country.
Embargo
Trade
Quota
Specialization
3
Putting resources into producing what you can best produce
Physical Capital
Scarcity
Specialization
Human capital
4
The voluntary exchange of goods and services.
Embargo
Trade
Quota
Physical Capital
5
How does having natural resources help the economy of a country?
Natural resources can be exported which provides income.
Companies spend more money to buy natural resources.
The country is able to produce everything it needs.
Money is saved because it doesn't have to import resources.
6
A tax on imports
Quota
Trade
Tariff
Embargo
7
What is an example of credit?
Buying a candy bar.
Buying a skateboard.
Buying a car.
Paying for your lunch.
8
The total value or all the final goods and services produced in a country in one year
Scarcity
Import
Gross Domestic Product
Export
9
A person who starts a business is known as a
Specialization
Entrepreneur
Trade
Scarcity
10
In which economic system do people make economic decisions based on buyers and sellers?
Traditional
Mixed
Command
Market
11
Name three things you can invest your money in to make it grow.
Vacations, buying a couch, and quitting your job.
Paying for lunch, renting an apartment, and college.
Real Estate, a business, and stock/ bonds.
12
Why is it important for a country to invest in human capital?
To get more computers.
To make more products.
The country is more successful when workers are educated.
To have more factories.
13
The education, training, skills, and health of the workers in a business or country
Human Capital
Specialization
Physical Capital
Scarcity
14
What is the main purpose of NAFTA?
Creating a large free trade zone.
Eliminating a large free trade zone.
To create tariffs between Canada, Mexico, and the U.S.
To keep people in one country from buying goods from another
15
Resources from nature
Embargo
natural resources
Tariff
Quota
16
Why does international trade require a system for exchanging currency among nations?
Because buyers and sellers said so.
Every country does not use the same type of currency.
Constructing new factories,
Not everyone has the same leader.
17
the factories, machines, technologies, buildings, and property needed for a business to operate
Human capital
Scarcity
Trade
Physical capital
18
What is an example of an entrepreneur?
Constructing a new factory.
Starting ones own business.
Stopping trade with another country.
Putting a limit of goods imported.
19
A specific limit placed on the number of imports that may enter a country
Physical capital
Trade
Embargo
Quota
20
Modern economies are a mixture of
Only Command
Command and Traditional
Command and Market
Traditional and Market
21
What is an example of investing in capital by a company?
Training new workers.
Constructing new factories.
Sending workers to workshops.
Education young children.
22
Name all three trade barriers.
Command, Market, and Traditional
Scarcity, Specialization, and Entrepreneur
Savings, budget, and investment
Quota, Embargo, and Tariff
23
Which of the following is NOT one of the 3 basic economic questions?
For whom to produce?
When to produce?
What to produce?
How to produce?
24
In which economic system are the decisions based on customs and habits of the past?
Traditional
Mixed
Market
Command
25
A limited supply of something
Scarcity
Tariff
Entrepreneur
Quota
26
In which economic system are economic decisions made by the government?
Mixed
Command
Traditional
Market
