stud
bud
Sign up
Log in
Home
Library
Explore
SAT
More
Duplicate of Economics Flashcards | StudBud
Explore
/
Duplicate of Economics
Duplicate of Economics
30 terms
·
StudBud Administration
·
29 plays
Quiz on Economics
Flashcards
30 cards
F
Practice quiz
P
Host live
L
Questions
30
Answers
1
What is an export?
Selling goods to overseas countries
Australians on overseas holidays
Bringing international products to Australia
2
If an item is in high ______, the item may be sold out.
supply
exchange
effect
demand
3
Trade Deficit is:
amount which value of countries exports beats cost imports
amount which cost of country's imports tops value of exports
4
What is an economic depression?
long-term downturn in economic activity in 1/more economies
contraction which results in slowdown in economic activity
5
What is Opportunity Cost?
the cost of choosing one alternative over another
do not enough resources to satisfy all our wants and needs
6
What is an invisible import?
foreign investments
selling Chinese food
7
What does TNC stand for?
Training National Cops
Transnational Corporation
That Nike Company
Transnational Companies
8
Demand is
a name of a coin used in the Caribbean
another name for a service
the number of people who want or need something
the amount of something that is available
9
The Scholastic Book Fair brought over 600 books to our school. They have a large ____ of books.
supply
<p>scarcity</p>
exchange
demand
10
A person who purchases goods and services from other people is called a
servant
cashier
banker
buyer
11
What is a recession?
general slowdown in economic activity
long-term downfall in economic activity
12
What is a 'good'?
Something you pay for that someone does for you like haircut
Something you buy like shoes or clothes
13
What is Relative Scarcity?
do not have enough resources to satisfy all wants and needs
the gap between limited resources and limitless wants
14
What is an invisible export?
gold
An export you can't see
beef
coal
15
What are TNC's?
companies that operate in only one country
companies that operate in more than one country
16
Who oversees the Global Market?
Target
World Trade Organisation
International Monetary Fund
Organisation for Economic Co-operation and Development
17
Trade Surplus is:
amount which value of countries exports beats cost imports
amount which cost of country's imports tops value exports
18
What does
scarcity
mean?
An item is difficult to find or get
To give an item in return for something else
An item is easy to find or get
To be scared of something
19
Where do you get information about scams?
ScamWatch
SBS
9 News
CrimeWatch
20
Something useful that people do for others is called a
currency
trade
service
demand
21
What is an import?
tourists
selling goods to overseas countries
buying goods from overseas to sell in Australia
22
What is Globalisation?
interconnectedness of the world
process by which businesses start operating on global scale
travelling overseas
the ability to communicate internationally with ease
23
What is economics?
study of animals and where they live
branch of knowledge concerned with money and wealth
food studies and sewing
echolocation
24
If you go to the bookstore and buy a book, that book is a
good
service
buyer
trade
25
Sam went to the barber shop to get his hair cut by Dennis. Who is the seller?
Sam
Neither
Dennis
Both
26
What is a method of scamming?
Hacking
Phishing
Identity theft
Fake charities
27
What is the top country Australia
exports
to?
China
Singapore
U.S.
Thailand
28
What is a 'service'?
when you take your car to the mechanic
A transaction made where no physical goods are exchanged
something you buy
29
Economics is the
study of how people use money, goods, and services
study of the natural landmarks
study of how microphones work
study of echolocation
30
What country does Australia
import
the most goods from?
China
United States
Germany
Japan
