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Economics Basics
Economics Basics
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Basic economic terms and concepts
Flashcards
15 cards
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Practice quiz
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Questions
15
Answers
1
Which is a factor of production?
Domestic animals
Development
Land, Labor, Capital
Economy
2
What is the name for organizations that don't seek to make a profit?
market
organization
non-profit organization
Walmart
3
What type of economic system does the USA have?
Traditional
Mixed
Market
Command
4
Why do people invest money in stocks, bonds and mutual funds?
They want to make a profit
They want to lose money
5
Which is a factor of production?
Bert and Ernie
Goods and Services
Competition
Free Trade
6
Which is
NOT
a factor economists use to study development?
Literacy
Education
Gender
Life-Expectancy
7
What happens to
demand
if the price of an item goes up?
It goes up
It goes down
8
What is the market-clearing price?
Supply < Demand
Supply > Demand
Supply = Demand
I don't know
9
What's an example of a developed country?
Haiti
Kenya
USA
Ethiopia
10
What happens to
demand
if the price of an item goes down?
It goes down
It goes up
11
What trade happens between different countries?
Nationally
Intranational
International
E-National
12
What kind of trade takes place within a country?
Domestic
Free
Barrier
International
13
Which is a factor of production?
giraffe
profit
opportunity cost
entrepreneur
14
What's an example of a developing country?
USA
Canada
Ethiopia
Japan
15
Does a person always need money to obtain goods or services
No
Yes
