Agreeing to pay for something later

In economics, what is demand?

How much consumers will buy of a certain item

Describe a market economy:

Individuals control the production of goods and services

What is the benefit of investing in a mutual fund?

It is professionally managed, It is relatively low-risk

In economics, what is supply?

How much producers will produce of a given item

In economics, what is interest?

Money you get from lending money to a bank, Money you pay for borrowing money

Describe a command economy:

The government controls the production of goods and services

What did Adam Smith do?

Wrote a book describing capitalism

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8th Grade Economics Vocab

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Questions 20

Answers

1
Supply and demand meet to determine this, a price of a good agreed upon by buyers and sellers:
Supply price
Market price
Demand price
2
Describe credit:
Agreeing to pay for something later
Paying for something electronically
How much something costs
The risk of starting a business
3
Whenever you make a choice, you are giving up the second-best option. That option is called:
Opportunity Cost
Credit
Scarcity
Entrepreneurship
4
In economics, what is demand?
How much consumers will buy of a certain item
How much people will sell an item for
How much producers will buy of a certain item
5
Describe a market economy:
The government controls the market
The market controls the government
The government controls the production of goods and services
Individuals control the production of goods and services
6
An investment made by loaning money, then getting it all paid back with at a later time:
Stock
IRA
Mutual Fund
Bond
7
Describe scarcity
A limited supply of resources
The second-best option
The risk of starting a business
The power to vote
8
The government can take people's property away for public use if it pays them for it. This is?
Credit
Entrepreneurship
Taxation
Eminent Domain
9
What is the benefit of investing in a mutual fund?
It is professionally managed
It is relatively low-risk
The income is non-taxable
It represents ownership in a corporation
10
In economics, what is supply?
How much producers will produce of a given item
How much people will pay for a given item
How much of a given item is in a store
11
In economics, what is interest?
A limited number of resources
Money you get from lending money to a bank
Money you pay for borrowing money
A loan paid to you by speculators
12
Which type of bank account is used for accumulating interest?
Account Dracula
A savings account
A credit account
A checking account
13
A piece of ownership in a corporation, which gets you some of the corporation's profits:
Bond
Mutual Fund
Stock
IRA
14
What is a 401(k)?
Disposable income
A retirement fund
A type of credit card
A non-refundable bond
15
Why does a society make and use money?
To buy goods and services
To protect private property
To stop socialism
To create competition
16
Describe an entrepreneur:
A special tax on business
Someone who runs for office
A special tax on immigrants
Someone who starts a business
17
What does the Federal Reserve do?
Regulates money supply
Regulates the stock market
Gives loans to home buyers
Regulates gas prices
18
What is an economy that is part command economy and part market economy?
A melange economy
A credit economy
A mixed economy
19
Describe a command economy:
The people control the government
The government controls the people
Individuals control the production of goods and services
The government controls the production of goods and services
20
What did Adam Smith do?
Wrote a book about socialism
Started a capitalist government
Created a socialist government
Wrote a book describing capitalism

8th Grade Economics Vocab Flashcards | StudBud