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Intro to Economics Flashcards | StudBud
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Intro to Economics
Intro to Economics
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Foundations of Economics for 8th grade students.
Flashcards
15 cards
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Practice quiz
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Questions
15
Answers
1
What economic system relies only on Supply & Demand?
Command
Mixed
Traditional
Free Market
2
What is an example of a Capital Resource?
Oven
Eggs
sugar
Milk
3
What type of economic system relies on both the government AND Supply & Demand?
Command
Free Market
Mixed
Traditional
4
You have decided to buy the Apple iphone over Samsung Galaxy. Samsung Galaxy represents_______
Better choice
Production
Opportunity Cost
Opportunity gained
5
What is an example of a Human Resource?
Milk
Oven
Money
Workers
6
When Supply & Demand meet, this shows the _____________________
Price Increase
Priceline
Price Equilibrium
Price decrease
7
Your father was a farmer so you have to be a farmer. What economic system is represented?
Mixed
Command
Free Market
Traditional
8
In a free market economy, who will initially collect the profits?
government
owners
most important customers
employees
9
What is Consumer Sovereignty?
Media tells companies what to produce
Buyers purchases determine what is produced.
The Government decides what to produce.
Producer is King
10
Which best describes relationship between supply & demand?
price is determined when supply = demand.
when demand is low, prices go up
if supply is reduced so is the demand
supply is only effected by demand when the gov't controls it
11
In the US, most economic decisions about production are made in the ___________ sector.
Public
Private
12
Centrally controlled means _____________
Controlled by puppets
Private controlled
controlled by consumers
Government controlled
13
What is scarcity?
only consumers get what they want
only the government gets what it wants
every gets what they want
Inability to satisfy all wants
14
Good & Services provided by the government are in the ___________ sector.
Private
Public
15
When the supply is high and the demand is low, the price of the item should ___________
increase
stay the same
triple
decrease
