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The game of Economics Flashcards | StudBud
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The game of Economics
The game of Economics
15 terms
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Flashcards
15 cards
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Practice quiz
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Questions
15
Answers
1
What are objects that can satisfy people's wants?
Goods
Money
Technology
Success
2
What is a group of employees who join together to improve their terms of employment?
Business merge
Labor union
Workers
Corporation
3
What is an increase in the total output of a nation over time?
Promotion
Business boom
Success
Economic growth
4
What is the study of how people choose to use resources?
Business
Selection
Management
Economics
5
What is the principle that priceand quantity demanded are inversely related?
Law of supply
Law of cause
Law of demand
Law of need
6
A business situation which total cost of production exceeds total revenue or negative profit.
Loss
Deficit
Bankrupt
Problem
7
What is the meaning of SME?
Small and medium employments
Small and medium entrepreneur
Small and medium sized enterpises
Small and medium sized economy
8
What is the money value of aunit of a good, service, or resource?
Currency
Tag
Rate
Price
9
What is the gain received from voluntary exchange?
Increase
Benefit
Raise
Goal
10
What are goods or services produced in one nation but sold to buyers in another nation?
Delivery
Import
Export
Shipment
11
What is trading goods and services with others for other goods and services or for money?
Profit
Distribution
Business
Trade
12
What is the meaning of GDP?
Gross domestic procedure
Gross domestic product
Good deal product
Good domestic product
13
What's a framework for the distribution & allocation of goods & services in a nation/society?
Entreprenuer
Economic distribution
Business system
Economic system
14
What is the principle that price and quantity supplied are directly related?
Law of demand
Labor law
Law of supply
Law of benefit
15
What is received payment (income) for productive efforts?
Budget
Gross
Earning
Benefit