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Economics Vocabulary Basics Flashcards | StudBud
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Economics Vocabulary Basics
Economics Vocabulary Basics
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1
What is the law of demand?
When prices fall, demand rises.
When prices rise, demand falls.
When prices fall, demand also falls.
When prices rise, demand also rises.
2
What is the law of supply?
Producers will increase supply when prices rise.
Producers will decrease supply when prices rise.
Producers will increase supply when prices fall.
Producers will decrease supply when prices fall.
3
What type of business are companies like Tim Hortons & Macdonalds?
Partnerships
Sole Proprietorships
Cooperatives
Franchises
4
At a farmer's market, who is the producer?
The farmers growing the produce
The people buying the produce
The families of the people buying the produce
The plants and animals
5
Identify the type(s) of economic resources
Natural Resources
Human Resources
Capital Resources
They are all types of economic resources!
6
To be classified as a small or medium-size enterprise (SME), what is the max number of employees?
100
250
500
1000
7
A business earns $50,000 in revenue and has $20,000 in expenses. What is their profit?
$20,000
$50,000
$30,000
$70,000
8
Which one of the following is a service (rather than a "good")?
a hamburger
a stapler
a kite
a haircut
9
What type of business is a separate 'entity' that exists separate from its owners?
Partnership
Franchose
Co-operative
Corporation
10
A business that is typically created to raise money and awareness for a cause is called a:
For profit business
Not-for-profit business
11
What type of business is owned by a single owner?
Franchise
Corporation
Sole Proprietorship
Partnership
