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Economics Key Terms quiz Flashcards | StudBud
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Economics Key Terms quiz
Economics Key Terms quiz
15 terms
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#SocialStudies #KeyTerms #Quiz #StudyTest
Flashcards
15 cards
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Questions
15
Answers
1
What is Trade?
Is the exchange of goods and services in a market.
Is a tax on imports or exports.
2
What is Supply?
The money earned by selling goods and services.
The amount of a good or service that is available for use.
3
What is Profit?
The money earned by selling goods and services.
The money a company has after subtracting the cost.
4
What is Inflation?
General increases in prices
Is the exchange of goods and services in a market.
5
What is Economics????
Making a choice or the cost of what you have to give up.
The study of how people meet their wants and needs.
A factor that encourages people to act in a certain way.
The study of how people meet their wants and needs.
6
What is Demand?
is the desire for a certain good or service.
Are people or businesses that make and sell products
7
What is a Producer?
A factor that encourages people to act in a certain way.
Are people or businesses that make and sell products
8
What is scarcity?
The amount of a good or service that is available for use.
decline in economic growth for six or more months in a row.
General increases in prices
A limited quantity of resources to meet unlimited wants
9
What is a Consumer?
Is a share of ownership in a company.
People or businesses that buy, or consume, products.
10
what is Competition?
is economic growth or an increase in living standards.
he struggle among for producers and consumers' money.
11
What is revenue?
General increases in prices.
The money earned by selling goods and services
12
What is Opportunity Cost?
is the desire for a certain good or service.
Making a choice or the cost of what you have to give up.
13
What is Insensitive ?
A factor that encourages people to act in a certain way
Is a share of ownership in a company.
14
What is Market?
A way for producers and consumers trade goods and services.
Are people or businesses that make and sell products
15
What is Free Trade?
Is the act of setting aside money for future use.
the removal of trade barriers.
