stud
bud
Sign up
Log in
Home
Library
Explore
SAT
More
Lesson 6 & 7 - Study Guide Flashcards | StudBud
Explore
/
Lesson 6 & 7 - Study Guide
Lesson 6 & 7 - Study Guide
21 terms
·
StudBud Administration
·
41 plays
A study guide for Unit 1: L.6 & L.7 for Grade 6 Savvas, World History.
Flashcards
21 cards
F
Practice quiz
P
Host live
L
Questions
21
Answers
1
Exports are goods sent out of the country
False
True
2
How do consumers influence producers?
By producing their own goods
By ignoring their products
By demanding better products and lower prices
By increasing prices
3
What does the term "scarcity" refer to?
Unlimited resources available
Limited resources to meet unlimited wants
Large amount of money
The ability to produce anything
4
What motivates producers to sell more products?
To spend money
Expand services
To earn money
Because they are bored
5
Who are producers in an economy?
People who look on Amazon for deals
Government officials regulating prices
People who make and sell goods and services
People who buy goods and services
6
What are the 4 elements of personal finance?
Netflix, Hulu, Youtube, Disney+
credit, debit, bitcoin, checks
income, expenses, saving, budgeting
needs, wants, consumables, productions
7
What is the main goal of businesses in a market economy?
To provide services for free
To produce as many goods as possible
To earn money by selling goods and services
To crush all competition
8
What is the connection between demand and supply?
It only applies to services
Determines the price of goods and services
It never changes
They are unrelated
9
What is the role of money in a market today?
To serve as a means of exchange
To use in Tik Toks
To limit production
To confuse consumers
10
What is international trade?
Trade between many countries
Trade inside a house
Trade inside one country
Mr. Lee, can we go outside?
11
What is an opportunity cost?
The cost of what you give up when making a choice
The cost of making a product
The amount of money saved
The price of goods in a market
12
Which of the following is an example of a service?
Shirt
Smartphone
A loaf of bread
A meal at a restaurant
13
In a market economy, what do producers and consumers do?
They exchange goods and services
They save money together
They compete for all the resources
They only produce goods
14
What is the main subject of economics?
How to produce goods only
How people meet their wants and needs
How to save money
How to spend money
15
What was a common method of trade before money was used?
Buying and selling
Fighting
Saving
Bartering
16
If the demand for a product increases, what is likely to happen to its price?
It will disappear
It will stay the same
It will fall
It will rise
17
Imports are goods brought into a country
True
False
18
What is credit?
Loan from a family member
Borrow money to buy now and pay later
Points on a test
Tangible currency
19
What is domestic trade?
Trade that happens in your house
Trade that happens in one country
Trade that happens between many countries
I think it's about money or something...
20
What does GDP stand for?
Gross Domestic Product
Grand Demand Productions
Good Dude Peter
Grown Down Plows
21
What are goods?
Services provided by businesses
Ideas that people share
Actions that help people
Physical products like food and clothing
