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