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7th grade Civics Chapter 16 Intro to Economics Flashcards | StudBud
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7th grade Civics Chapter 16 Intro to Economics
7th grade Civics Chapter 16 Intro to Economics
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Answers
1
Who makes the economic decisions in a command economy?
You
El Primo
Satan
The government
2
The reason people and nations are forced to make economic choices.
Surplus of supplies
Scarcity of resources
Supply/Demand
Shortage of intelligent people
3
Costs to a business that DO NOT change no matter how much a business produces.
V-bucks costs
Total costs
Variable costs
Fixed costs
4
The people who buy goods and services are called producers.
False
True
5
The lost income from not taking a shift at work is an opportunity cost of studying for a test instead.
False
True
6
Government oversees some market functions and some services.
Traditional economy
Command economy
Mixed market economy
Mixed media economy
7
When there is a surplus, it usually means the price is too high.
False
True
8
Which of the following would make the demand curve move to the right?
People are looking for hard-to-find toys during the holidays
The number of consumers in an area decreases
A surplus of oil hits the market
The average number of consumers declines during a recession
9
What two factors lead to scarcity?
Unlimited consumers/Limited producers
Limited wants/unlimited resources
Unlimited needs/limited wants
Unlimited wants/limited resources
10
The type of economy where government agencies answer the economic questions.
Planner economy
Command economy
Mixed market economy
Traditional economy
11
If the supply curve moves to the left, consumers are willing to pay less for the item.
True
False
12
The extra income that results from selling one more unit of the output.
Trade-off
Opportunity cost
Marginal cost
Marginal revenue
13
Variable costs to a business are costs that DO NOT change.
True
False
14
Costs to a business that DO change based on how much the business produces
Wavering costs
Total costs
Fixed costs
Variable costs
15
Which of the following is an example of what to produce?
printing new textbooks
regulating air pollution caused by factories
deciding where to drill for oil
hiring new workers
16
The study of how people make decisions with limited resources.
financialogy
etymology
econology
economics
17
What does "thinking like an economist" mean?
Being a miser
Being rich
Choosing the option where the benefits outweigh the costs
Making a great deal on Shark Tank
18
What forces establish prices in the United States and other market economies?
God/Satan
Wants/Needs
Supply/Demand
Shortage/Surplus
19
Which two are factors that can increase supply in a market?
Increase in consumers
Decrease in natural resources
Increase in number of suppliers
Decrease in costs of production
20
Which of the following directly causes a change in demand?
New technology
Lower costs of production
Number of producers
Number of consumers
21
What is an example of a capital resource?
A Building
Wood
Worker's knowledge
A secretary
22
Customs and habit answer the three economic questions.
Traditional economy
Market economy
Command economy
Custom economy
23
Which of the following is an example of a resource?
wood
house
deck
fence
24
The money a business brings in from selling its goods or services
Opportunity cost
Cash money bruh
Revenue
Tax evasion
25
Which of the following is NOT one of the economic choices facing every society?
What to produce?
Why to produce?
For whom to produce?
How to produce?
26
A nation’s way of producing things its people want and need.
Supply
Capital resource
Economics
Economic System
