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Economics Flashcards | StudBud
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Economics
Economics
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Questions
14
Answers
1
What is a good?
Money
Opportunity Cost
An action like dog walking
An item like a apple
2
An assembly line is a efficient way to produce goods.
True
False
3
What is a public business?
The government owns it and it's funded by taxes
Citizens own it and make money off it
4
Supply and demand effect the price of goods.
True
False
5
What is scarcity?
A surplus of resources
A lack of resources
Being scared
6
Choose the example of a private business:
Local pizza shop
Pershing Hill Elementary
The local park
Police station
7
Who are consumers?
Anyone who buys goods or services
Congress
Shop owners
8
What is opportunity cost?
Spending money
Consuming goods
Your income
Giving up a choice to choose another
9
Pick the example of a good:
Dog walking
i-pad
House painting
Plumber fixing your toilet
10
You want gum and candy, you only have enough money for one. You chose candy. What is the opportunity cost?
Gum
Time
Candy
Money
11
In February there is a ____ demand on Valentine's cards.
High
No
Low
Neutral
12
Pick the example of the service:
Banana
Dog walkers
i-phone
Car
13
What is a service?
Money
An item you pay for like an apple
Opportunity Cost
An action you can pay for like dog walking
14
Jenny has homework but also wants to play after school. She didn't have enough time to play. What was scarce for Jenny?
Time
Money
Options
