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Overview of Economics Basics Flashcards | StudBud
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Overview of Economics Basics
Overview of Economics Basics
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Questions
20
Answers
1
Which of the following is a good? (there are two correct answers - choose one)
A cookie
Selling cupcakes
Baking a pie
A bag of flour
2
Which of the following are needs? (choose all that apply)
Water
Clothes
Cake
TV
3
Demand is...
A person who makes a good or provides a service.
People's willingness to buy goods or services.
Goods that are used to make other goods/to provide services.
Something people buy that you can hold or touch.
4
Currency is...
The type of money that a country uses to buy or trade things
Euros
Dollars and Cents
Pesos
5
What could lead to a higher price for your product?
High supply, low demand
High supply, high demand
Low supply, high demand
Low supply, low demand
6
What is economics?
Money, goods, services, supply, and demand
The way a country manages its money and resources.
things we use to satisfy our wants and needs
People depend on each other
7
A natural resource is...
The things nature provides that we use for our wants/needs
Things we use to satisfy our wants and needs
Goods that are used to make other goods/to provide services
Resources found in people
8
What is an example of a capital resource?
Income and loss
Currency
A business
Tools and equipment
9
A list of _________ for a business would show the total amount of money spent on resources.
Expenses
Income
Services
Resources
10
______ is the amount of money received from selling goods or services.
Resources
Expenses
Services
Income
11
I buy a cake. I am a....
Producer
Resource
Consumer
Customer
12
A mechanic knows how to repair a car. He/she _______ in this specific service.
Produces
Specializes
Supplies
Consumes
13
A human resource is...
Things we use to satisfy our wants and needs
Goods that are used to make other goods/to provide services
The things nature provides that we use for our wants/needs
Resources found in people
14
A capital resource is...
The things nature provides that we use for our wants/needs
Goods that are used to make other goods/to provide services
Resources found in people
Things we use to satisfy our wants and needs
15
When you buy something, you have to give up something else to get what you want or need.
Supply
Opportunity Cost
Good
Price
16
A _________ is anything that satisfies our wants and needs.
Income
Toy
Resource
Supply
17
When you exchange one good or service for another, it is called...
Currency
Demand
Trade
Interdependence
18
What are the three types of resources? (there are three - choose one)
Human
Capital
Natural
Consumer
19
Supply is...
Products and services businesses provide.
To do a certain job.
The money you earn.
Something people buy that you can hold or touch.
20
When a product leaves its country to be shipped to another country, it is ________.
Exported
Sold
Bought
Imported
