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Economics Flashcards | StudBud
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Economics
Economics
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This Quiz covers all the terms and concepts we've studied so far in our Economics unit
Flashcards
23 cards
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Practice quiz
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Questions
23
Answers
1
In your 'Resources' assignment there were how many groups of people?
4
5
2
3
2
Trees are an example of...
Natural resources
Goods
Shrubbary
Vegetation
3
The gap between how much each province is worth is called
Money space
Wealth gap
Money gap
Regional disparity
4
The amount f a good or service is called...
A supply
A quantity
A quality
5
If the demand for Hatchimals goes down...
The price goes up
People stop buying them
The price goes down
The price doesn't change
6
If the supply of strawberries goes up...
The price goes down
The price goes up
The price doesn't change
7
When you go to the store and buy something you are a...
Shopper
Shoplifter
Consumer
Constituent
8
When you take out a loan you have to pay for the amount borrowed. This is called...
Rate of interest
Interest
Principal
9
When something is 'scarce' it means...
it's disappearing
there is a shortage of something
it's scary
it's missing
10
Nova Scotia is worth $40,225,000. This is our...
Capita
GDP
GPD
Net worth
11
Resources are...
Money, natural resources, or services
Natural or material things
Money
Food
12
GDP means...
Gross Domestic Product
Growing Domestic Product
Good Dog Problems
Gosh Darn Popsicles
13
Massage therapy an example of...
Pheobe Buffay's character
a good
a job
a service
14
When you purchase a no-name product instead of a name brand it's called...
Swip-swap
Artificial choice
Substitution effect
15
What things do you need to survive?
Food, technology, water, air
Air, water, technology
Food, air, water, shelter
Water, cars, clothes, technology
16
An iPhone is an example of
A need
A product
A want
17
Principal is...
The amount of money borrowed and the interest paid
The amount of money borrowed
Your buddy
The sum of money borrowed
18
The Economic Model is the same as...
The Scientific Model
Pythagorean Theorem
Dream Analysis
Statistical Mechanics
19
In the Law of Supply of Demand...
The quality determines the price
The quantity determines the price
20
The word economics means...
the study of how money is spent
the satisfying of wants through resources
the study of wants and needs
the study of money
21
Rations are...
A nation in Russia
when a good is divided among people
a type of food
22
Resources are broken into 3 categories...
Labour, Land, Capita
Landscaping, Laughter, Labour
Labour, Capita, Laughter
Land, Love, Life
23
If the price of lumber doubled, would the same number of houses be built?
Yes
No
