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6th Grade Economics Flashcards | StudBud
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6th Grade Economics
6th Grade Economics
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Flashcards
38 cards
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Questions
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Answers
1
The amount of money a company makes after its expenses have been paid
producer
consumer
entrepreneur
profit
2
the way people, money, and goods continuously move between countries
globalization
scarcity
economics
interdependence
3
If the supply is high and the demand is low,what will likely happen to the price of the product
the price will remain the same
other companies will sell the item at a cheaper price
The price will increase
The price will decrease
4
a company bought headlamps, coal bins, uniforms, and mining tools. Which factor of production?
labor
capital
land
entrepreneur
5
what are the three basic questions that economist try to answer?
what to produce, where to produce, for whom to produce
What to produce, how to produce, and for whom to produce
what to produce, why to produce, when to produce
what to produce, how to produce, why to produce
6
not enough of something to satisfy everyone's wants and needs
economics
interdependence
globalization
scarcity
7
Based on the graph, which country do you think is the most industrialized nation?
Japan
France
China
Germany
8
what factor of production deals with the business decisions used to sell goods and make profits
entrepreneur
capital
labor
land
9
economic system in which the gov't controls property and resources and lack of consumer choice
command/communism
traditional
mixed
free-market
10
Which of the following is NOT an example of land as a factor of production?
coal
seeds
aluminum
farmer
11
Which condition will lead to the lowest price
low supply, low demand
high supply, low demand
low supply, high demand
high supply, high demand
12
In a market economy the government controls the use of resources.
False
True
13
The factor of production which consists of the talents/skills of people that produce
capital
labor
entrepreneur
land
14
Fans are offering to pay any price for Cavs tickets. What can you predict about the price?
The price will be low due to limited supply
The price will be high due to high demand
The price will be high due to unlimited supply
The price will be low due to high demand
15
the way people and business need each other to produce goods and services
interdependence
globalization
scarcity
economics
16
Which type of economy creates competition between businesses
communism
command
traditional
capitalism
17
Most countries in the world have a mixed economy.
False
True
18
The US is Brazil’s largest consumer of coffee. If a hurricane destroyed Brazil’s coffee
US citizens would stop drinking coffee
The price of coffee would decrease
The price of coffee would stay the same
The price of coffee would increase
19
Thailand exports rice and coconuts to the US. The U.S. then exports wheat and beef to Thailand.
world trade (globalization)
production
scarcity
entrepreneurship
20
Which statement below describes the level of government involvement in a market economy?
gov't has little involvement; producer/consumer make decison
The gov't does not allow competition between business owners
The government controls the business owners decisions
The gov't determines the supplies needed to make products
21
the decisions made about how resources are used to meet the needs and wants of people
interdependence
scarcity
globalization
economics
22
Competition between business owners is common in a command economy.
False
True
23
what is needed to produce goods and provide services
needs
opportunity cost
wants
factors of production
24
Another word for command economy is “capitalism”.
True
False
25
someone who uses resources to make goods and provide services
producer
consumer
entrepreneur
profit
26
someone who starts, organizes, and manages a business
profit
producer
consumer
entrepreneur
27
the value of the second best choice given up when a decision is made
opportunity cost
needs
wants
factors of production
28
According to the laws of supply and demand, when will companies produce more of a product?
When the price consumers will pay goes down
When they can sell it for a higher price
When the economy turns downward
When demand decreases
29
Which of the following is an example of capital as a factor of production?
manager
soil
cash register
truck driver
30
Farmers, factory workers, truck drivers, bakers, and stores all rely on one another to produce
interdependence
competition
economics
globalization
31
Which of the following is an example of interdependence?
store pays farmer for corn; a truck driver delivers the corn
McDonald's offers a "Happy Meal" to compete with Wendy's
China exports its tea to Brazil and the United States
Gas prices just increased another 30 cents a gallon
32
what people would like to have but can live without
wants
factors of production
opportunity cost
needs
33
Due to scarcity, what happens in the world today
we have unlimited resources
gov't must decide which resources to use
everyone must compete for available resources
producers use only the resources they have
34
Why is specialization good for a country’s economy?
brings unlimited amount of resources to different countries
It allows a country to protect its natural resources
Keeps more jobs available for Americans
allows a country to focus on what it can produce at low cost
35
Mike wants a 49 game. he wants to go to Cedar Point and the admission is 45. he must choose 1
opportunity cost
demand
competition
interdependence
36
someone who buys goods and services
producers
profit
consumer
entrepreneur
37
what people must have in order to survive
wants
opportunity cost
needs
factors of production
38
Which of these is NEITHER a good nor service
a gallon of gasoline
a piano lesson
a meal at a resturant
a $20 bill
