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Economics 6th grade Flashcards | StudBud
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Economics 6th grade
Economics 6th grade
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A #socialstudies #Quiz to help students understand and study the basics of economics!
Flashcards
26 cards
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Questions
26
Answers
1
A tax on imports
Trade
Quota
Embargo
Tariff
2
Resources from nature
Quota
Tariff
natural resources
Embargo
3
The total value or all the final goods and services produced in a country in one year
Import
Export
Gross Domestic Product
Scarcity
4
What is an example of investing in capital by a company?
Training new workers.
Constructing new factories.
Sending workers to workshops.
Education young children.
5
What is the main purpose of NAFTA?
To keep people in one country from buying goods from another
To create tariffs between Canada, Mexico, and the U.S.
Eliminating a large free trade zone.
Creating a large free trade zone.
6
Modern economies are a mixture of
Command and Market
Traditional and Market
Command and Traditional
Only Command
7
What is an example of credit?
Paying for your lunch.
Buying a candy bar.
Buying a car.
Buying a skateboard.
8
Name all three trade barriers.
Command, Market, and Traditional
Scarcity, Specialization, and Entrepreneur
Quota, Embargo, and Tariff
Savings, budget, and investment
9
The education, training, skills, and health of the workers in a business or country
Physical Capital
Human Capital
Scarcity
Specialization
10
Why is it important for a country to invest in human capital?
To make more products.
To have more factories.
The country is more successful when workers are educated.
To get more computers.
11
In which economic system are the decisions based on customs and habits of the past?
Market
Command
Mixed
Traditional
12
Which of the following is NOT one of the 3 basic economic questions?
When to produce?
For whom to produce?
What to produce?
How to produce?
13
A government ordering stopping trade with another country.
Specialization
Embargo
Quota
Trade
14
In which economic system are economic decisions made by the government?
Market
Traditional
Mixed
Command
15
In which economic system do people make economic decisions based on buyers and sellers?
Mixed
Traditional
Market
Command
16
The voluntary exchange of goods and services.
Embargo
Trade
Physical Capital
Quota
17
the factories, machines, technologies, buildings, and property needed for a business to operate
Scarcity
Human capital
Physical capital
Trade
18
Name three things you can invest your money in to make it grow.
Vacations, buying a couch, and quitting your job.
Real Estate, a business, and stock/ bonds.
Paying for lunch, renting an apartment, and college.
19
A specific limit placed on the number of imports that may enter a country
Embargo
Trade
Physical capital
Quota
20
Why does international trade require a system for exchanging currency among nations?
Constructing new factories,
Not everyone has the same leader.
Every country does not use the same type of currency.
Because buyers and sellers said so.
21
A limited supply of something
Scarcity
Entrepreneur
Tariff
Quota
22
Putting resources into producing what you can best produce
Scarcity
Human capital
Specialization
Physical Capital
23
What is an example of an entrepreneur?
Starting ones own business.
Stopping trade with another country.
Putting a limit of goods imported.
Constructing a new factory.
24
How does having natural resources help the economy of a country?
Companies spend more money to buy natural resources.
Money is saved because it doesn't have to import resources.
The country is able to produce everything it needs.
Natural resources can be exported which provides income.
25
Limits on trade
Trade barriers
Embargo
Natural resources
Trade
26
A person who starts a business is known as a
Scarcity
Specialization
Trade
Entrepreneur
