In market economies, prices are

determined by supply and demand

Which option reflects a country with a mixed economy?

combination of privately owned industry & gov't control

What is human capital?

investment in the workers of a business

Which is a way that entrepreneurs help increase a country's GDP?

creating business that give people jobs

Which best describes a market economy?

a person can start any business and charge any price?

Why is a country better off if it does not have to import natural resources?

Buying resources from others cost more money

studbud

Duplicate of SS Economics Review

25 termsStudBud Administration29 plays

6th Grade Economics Review according to Georgia Performance Standards

Flashcards25 cardsFPractice quizPHost liveL

Questions 25

Answers

1
In a traditional economy, how do people exchange goods?
Pay for goods with credit cards
Use currency to pay
Pay for services by check
Barter/Trade with sellers
2
which is an example of a natural resource?
education
forests
automobiles
highways
3
The economic system of communist countries is closely related to which of the following?
Market
Command
Traditional
Supply and Demand
4
In market economies, prices are
 used to ensure social equity
determined by supply and demand
regulated by the government
usually unfair
5
Sarah sells shoes. The machines used to make the shoes are examples of..
Entrepreneurship
Human Capital
Natural Resources
Physical Capital
6
What is an example of investing in human capital?
cash
factories
education
highways
7
Sarah sells shoes. The water she uses to clean up her shoe making factor is an example of
natural resource
entrepreneurship
human capital
capital resource
8
In a command economy, how are the prices of goods and services determined?
business owners
independent agencies and regulators
market forces supply and demand
the central government
9
Which option reflects a country with a mixed economy?
combination of privately owned industry & gov't control
distribution of resources is based on inheritance
gov't regulates prices and wages
prices and wages are determined by supply and demand
10
Sarah started a business selling shoes. Sarah is an example of which factor of production?
Human Capital
Natural Resources
Entrepreneur
Physical Capital
11
Land, labor, capital, and entrepreneurship are the
results of employment
factors of production
trade barriers
results of supply and demand
12
Which is an example of investing in physical capital?
training workers to do their jobs better
constructing a new factory
keeping old delivery trucks
keeping old computers in order to save money
13
What is human capital?
a country's standard of living
buildings, equipment and property owned by a business
the cash a business has to spend
investment in the workers of a business
14
Which is a way that entrepreneurs help increase a country's GDP?
working to increase the amount of goods brought by a country
creating business that give people jobs
writing laws to protect personal property?
providing the ideas to start and expand businesses
15
Which of the following would be found in a market economy?
government control of agriculture
Yearly pay raises
government control of industry
Competition
16
Amy is employed in a shoe store because she has a merchandising degree. Amy is an example of
physical capital
human capital
natural resources
entreprenuership
17
Which best describes a market economy?
national businesses are owned by the government
the government provides phones and t.v's to all workers
a person can start any business and charge any price?
the gov't provides food and housing to all workers
18
Why is a country better off if it does not have to import natural resources?
Businesses cannot access resources nearby
Other countries need the resources
People are greedy and won't sale resources
Buying resources from others cost more money
19
Which is an example of a trade barrier?
embargo
all of the above
quota
tariff
20
In Cuba, the government owns all the businesses and farms. Cuba is an example of a
Traditional Economy
Capitalist Country
Market Economy
Command Economy
21
An economic system in which the people (not gov't) own land, factories, & businesses?
Market
Command
Traditional
Communism
22
"Companies produce goods of their choice, consumers decide whether to buy the goods"
Traditional
Command
Market
Communism
23
the USA forbids trade with Cuba because of political issues. Which trade barrier is in place?
Tariff
Quota
Feudalism
Embargo
24
Trade barriers are used to
help people save money
restrict trade
encourage trade
create free trade zones
25
A high literacy rate contributes to a
tariffs
low Gross Domestic Product
high standard of living
communism

Duplicate of SS Economics Review Flashcards | StudBud