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Economics Review Flashcards | StudBud
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Economics Review
Economics Review
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economics review
Flashcards
16 cards
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Practice quiz
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Questions
16
Answers
1
What happens when there is a low supply but a high demand?
The price goes down
The price goes up
The item is free
The price stays the same
2
What natural resources do we use daily?
money, time and lumber
furniture, homes,cars
teachers, barbers, doctors
water, meat, vegetables
3
What capital resources are needed to build a house?
tools, trucks, parts
wood, minerals and water
pencils, paper, and crayons
workers, money and time
4
If someone does something for you, this is a....
Want
Service
Good
Need
5
Which is an example of a good?
Farmer
Computer
Teacher
Dentist
6
What is a resource made by people ?
Vacation resource
Capital resource
Human resource
Natural resource
7
Which is an example of a service?
Couch
Chips
Bus driver
Farm
8
Something you must have in order to survive is a.....
Want
Good
Need
Service
9
What is a tax?
an item you get for free from the store
the amount you are charged for a grocery cart
extra money you pay on an item
money you get back from the government
10
What type of resource uses the skills and energy of people ?
Moneyresource
School resource
Natural resource
Human resource
11
What is scarcity?
when there is too much of something
when things go on sale
when there is just enough of something
when there is not enough of something
12
Which is an example of a natural resource?
Tools
Apples
Farmer
Tractor
13
Which is NOT a need?
Food
Shampoo
Water
Air
14
What happens when there is a high supply but a low demand?
The price stays the same
The price goes down
The price goes up
The item is free
15
What is a resource created by nature ?
Human resource
Natural resource
Capital resource
Service
16
Something you buy or get for free is a....
Need
Want
Good
Service
