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BASICS OF ECONOMICS Flashcards | StudBud
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BASICS OF ECONOMICS
BASICS OF ECONOMICS
25 terms
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StudBud Administration
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191 plays
Basic concepts of economics
Flashcards
25 cards
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Practice quiz
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Questions
25
Answers
1
If the "demand " goes up, the price goes up.
False
True
2
When you put your money into a bank account, you _____________interest.
eat
earn
pay
drink
3
What is the "opportunity cost" of buying something.
Your first choice when you buy something
The cost of buying something on sale
The regular price of an item
Your "second-best" choice you give up when you buy something
4
What is "demand?"
How much people want to buy a product
How much people want to sell a product
The amount of money a business makes
How few people want to buy a product
5
Working means you do not trade your time and effort for money.
False
True
6
If the "supply" goes up, the price goes up.
False
True
7
Money that you earn by working at a job is called a(n)__________.
import
export
opportunity cost
income
8
What is a country's system of money called?
pesos
dollars
currency
fluency
9
A "resource" is something used to produce goods and services.
False
True
10
Who is a person who buys a good or a service?
Producer
Consumer
Buyer
Seller
11
What is this coin called?
a loonie
a toonie
an Eastern Caribbean dollar
a peso
12
What type of resource are apples that are used to make apple sauce?
capital and natural
human
natural
capital
13
Consumers have to make choices because they have an unlimited amount of money to spend.
True
False
14
What word means depending on others to provide things you need?
Interdependent
Independent
Dependable
dependency
15
What word means to put money into your bank account?
to hold a deposition
to deposit
to depose
to dispose
16
What are Cedar Crest's school colors?
white and gray
blue and white
blue and gray
gray and black
17
What bird represents Cedar Crest?
the Eagle
the falcon
the cardinal
the finch
18
A unit of money Mexico uses is called the _________.
Euro
Canadian dollar
Gourde
peso
19
Who is a person who creates a good or provides a service?
A capital resource
A producer
A consumer
A natural resource
20
What is "specialization?"
Selling many services
Selling one kind of good or service
Selling many kinds of goods
Only allowing customers to buy product online
21
Rita's Italian ice is an examples of specialization.
False
True
22
What type of resource is wood that is used to make furniture?
a natural and capital resource
a capital resource
a human resource
a natural resource
23
What is "bartering?"
Trading by using money
Selling only services
Trading without using money
Selling only goods
24
America imports products from other countries so that we can have things that are only made or grown in that country.
True
False
25
What is "scarcity?"
Having an average amount of something
not having enough of something
Not knowing how much you have
Having too much of something
