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Duplicate of Economics Review Flashcards | StudBud
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Duplicate of Economics Review
Duplicate of Economics Review
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Econmics review for Chapters 5-6
Flashcards
26 cards
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Practice quiz
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Questions
26
Answers
1
The cost of purchasing the new jacket is...
there was a high supply of jackets all in MY size
It was a low price
I got an extra pair of gloves as a gift for purchasing it
I won't have $ left over to buy the scarf I want
2
Taxes citizens pay are used to pay for services such as...
schools
police and firefighters
roads
libraries
3
The money you make for doing a job or service is called your _____.
outcome
income
budget
profit
4
Shoes,toys, sports gear, cars, school supplies, phones, furniture, & clothes are examples of _.
producers
consumers
goods
services
5
There are about 200 shirts the store owner needs to sell before the end of the day.He should...
give them away for free so he makes NO profit
He should raise the price
He should throw them away
lower the price or give an incentive to consumers
6
If blueberries are NOT in season, there would be a _____ at the grocery store.
consumers
scarcity
high supply
no demand
7
Sally had a choice between a dog and a fish for a pet. She chose a dog, so the fish is a _____.
scarcity
profit
wants
opportunity cost
8
When 2 countries, 2 stores, or 2 people rely on each other for a certain good it is called __.
Producers and consumers
opportunity cost
interdependence
choices
9
Why do we import goods from China and other countries?
so we have to pay more taxes
to create a scarcity
to leave out other countries
So consumers have more choices
10
When I went to the stores, I noticed serval workers and managers helping customers. These are..
Capital Resources
Entrepreneurs
Human Resources
Natural Resources
11
When one buyer or seller tries to outdo another for consumers' business
credit
free enterprise
interest
competition
12
Carl has to think about the ______ and ______ before purchasing a good.
producers and consumers
costs and benefits
import and exports
supply and demand
13
The machines and equipment in a factory used to make shoes is called.
Entrepreneur
Capital Resources
Natural Resources
Human Resources
14
I made hot chocolate. The cocoa, the farm, sugar cane, and milk are examples of...
Capital Resources
Natural Resources
Entrepreneurs
Human Resources
15
Why do we export goods?
to pay taxes
So more of a producet can be sold</p>
to create a scarcity
to create a low supply</p>
16
What would happen to the price of concert tickets if everyone wanted to go?
The price would decrease because there is a high demand
The price would increase because there is a high demand
The price would stay the same
The price would decrease because there is a scarity
17
Items created by nature that are used to create goods and services
human labor
entrepreneurship
natural resources
capital
18
Henry Ford and Milton Hershey both took a risk to start their business. They are _____.
entrepreneurs
natural resources
human resources
capital resources
19
What would be the benefit of buying a new jacket?
It did not come in the color I wanted
It was a low price
It was very expensive and not in my budget
It was too small
20
The physical and mental effort required to produce goods and services
<p>natural </p>
Human labor
entrepreneurship
capital
21
Why do people create budgets?
To have a plan as to how to spend their money
so they can create a scarcity
so they can pay taxes
so they can spend all their money and not save any
22
If there was a scarcity of blueberries, what would happen to the price?
It would increase
They would be free
Stay the same
It would decrease
23
Consumers want to buy less and less of a product. This creates a...
high supply
international trade
low demand
choices
24
Citizens pay ______ to help pay for services in our community.
goods
imports
income
taxes
25
A ____ occurs when there is a
high demand
of a good and a
low or no supply
of it.
scarcity
capital
opportunity cost
interest
26
A store is offering a 50% off coupon to customers. The coupon is an example of a ______.
marketplace
incentive
import
economy
