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Economics!! Flashcards | StudBud
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Economics!!
Economics!!
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StudBud Administration
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200 plays
Short multiple choice questions for reviewing Economics.
Flashcards
10 cards
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Practice quiz
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Questions
10
Answers
1
The study of the production, distribution and consumption of goods and services is...
Engineering
Shopping
Ergonomics
Economics
2
The way a society organizes its economy is called a(n)...
Economic Organizer
Economic System
Society Economics
3
This is the idea that resources are limited but wants and needs are unlimited.
#FirstWorldProblems
Rarity
Shortage
Scarcity
4
A market economy is associated with__________, a planned economy is associated with _______...
capitalism, communism
socialism, capitalism
capitalism, socialism
communism, socialism
5
Canada has what kind of economic system?
Planned
Market
Perfect
Mixed
6
Supply is the products and services created by producers.
True
False
7
In a Planned economy...
there are wide gaps between the rich and poor
competition sets the prices
the Government sets the prices
entrepreneurs are encouraged
8
These are the resources that are limited
labor, capital and food
land, labor and capital
earth, air, water, fire
money, land, apple watches
9
Demand is NOT the wants and needs of consumers for products and services.
True
False
10
In economics, consumers are those who...
buy the goods and services
make the goods and services
