stud
bud
Sign up
Log in
Home
Library
Explore
SAT
More
Economics Basics Flashcards | StudBud
Explore
/
Economics Basics
Economics Basics
20 terms
·
StudBud Administration
·
13 plays
Imported from external platform
Flashcards
20 cards
F
Practice quiz
P
Host live
L
Questions
20
Answers
1
Which of these is a durable good?
washing machine
cell phone
oil change
2
A consumer is someone who:
sells goods and services
buys goods and services
3
Resources include not just land, air, and water, but people and time as well.
True
False
4
The economy is the trade and purchasing of:
both
services
goods
5
A producer is someone who:
makes or sells goods and services
buys goods goods and services
6
In a free market economy, what are individuals trying to do when they buy, own, or sell resources?
better the poor
better themselves
better the environment
7
Supply and demand determines:
how much stuff costs
how much there is
both
8
The higher the demand, the higher the:
price
both
supply
9
Scarcity meanms
limited resources, limited wants
limited resources, unlimited wants
unlimited resources, unlimited wants
unlimited resources, limited wants
10
Taxes are:
bad
good
necessary
11
I have a plan for June 11th.
no
why is that date even important?
yes
12
What is owned by individuals in the system of capitalism?
economics
producers
property
13
Equilibrium is when supply meets:
their forever person
demand
economics
14
The government is _____________in the US market economy.
involved
not involved
15
The supply chain includes the gas it takes for a truck to deliever goods.
False
True
16
In a free market economy, individuals decide what to do with the:
groceries
resources
party
17
Supply and demand and cost directly relate to the human rights of workers.
IDK
no
yes
18
The lower the demand, the lower the price.
False
True
19
What is economics?
the study of the impact of scarcity and resources
the study of scarcity
Ms. Buccolo's hit song
the study of resources
20
Based on the previous question, is our market economy PURE?
yes
no
