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review for economics of 7th grade Flashcards | StudBud
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review for economics of 7th grade
what is surplus
Standard of living is how much money you make
review for economics of 7th grade
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1
Standard of living is how much money you make
True
False
2
what is surplus
the total amount of goods or services
a shortage
the desire consumers have for buying goods or services
an excess amount of goods or service
3
what is poverty
too be extermely poor
How poor you are
None of the above
no means of support
4
what is scarcity
the total amount of goods or services
the price point where supply and demand are equal
the desire consumers have for buying goods or services
a shortage
5
GDP stands for Girlfriend Detection Product (For mr.brown)
True
False
6
what is an indicator
a shortage
an excess amount of goods or service
the desire consumers have for buying goods or services
things used to measure a performance
7
what is land
resources of learning
resources of coal
resources of cows
the natural resources from the earth
8
what is Capital
Washington DC
the hockey team
the money or where it is sold
all of the above
9
what is market equilibrium
the total amount of goods or services
a shortage
the desire consumers have for buying goods or services
the price point where supply and demand are equal
10
life expectancy: is the number of births to 1000
True
False
11
what is labor
money
dogs
a job
teachers
12
Infant Mortality Rate: the # of infant deaths for every 1,000 live births
True
False
13
GDP is the total value of all goods and services
False
True
14
a developing nation is a higher standard of living
False
True
15
what is demand
the total amount of goods or services
the desire consumers have for buying goods or services
a shortage
the price point where supply and demand
16
eco. indicator; stats about a place that helps show the condition of the economy
False
True
17
what is literacy rate?
the % of people who can read and write
the % of ice spice fans
the % of people who can read
the % of people who can write
18
entrepreneur
Ice spice
Elon Musk
someone who takes a risk of starting a buisness
Avengers
19
what is supply
the price point where supply and demand
a shortage
the desire consumers have for buying goods or services
the total amount of goods or services
20
Standard living is
How much money you have
a measure of the wealth, comfort and ness. for a person
How cool you are
a measure of how good you live
21
Developed nation is a country with lots of economic activity
True
False
