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Duplicate of Economics Flashcards | StudBud
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Duplicate of Economics
Duplicate of Economics
20 terms
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StudBud Administration
economics basics
Flashcards
20 cards
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Practice quiz
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Questions
20
Answers
1
The things that are needed for production to occur are called....
market
goods
factors of production
GDP
2
To send a product produced in one country to another
export
import
3
When a country brings products from another country.
import
export
4
Material that can be used to produce crops or other products.
supply
product
resources
demand
5
The place or atmosphere in which goods or services are sold or exchanged.
market
export
import
resource
6
When a resource is in limited or short supply.
demand
scarcity
market
7
The act of giving or delivering something to people.
market
production
economics
distribution
8
A person who makes things or provides a service for others to use or buy.
consumer
producer
capitalist
9
A person who starts a business and is willing to accept the risk of loss or gain/profit.
consumer
producer
entrepreneur
10
The most common economic indicators to use are
all of the above
GDP
life expectancy
literacy rate
11
The amount of people who want to purchase an item.
producers
demand
entreperneur
12
The total dollar value of all goods and services produced in a country in a single year.
gross domestic product
MVP
production
GDP
13
Any kind of work performed for others
supply
services
surplus
14
A person who buys goods and/or services
market
producer
consumer
entrepreneur
15
Includes the buildings, land, machines, and other items used to create wealth
money
surplus
GDP
capital
16
Something you can use or eat
goods
demand
resource
market
17
The process of making or growing something for sale or use.
produce
distribution
production
market
18
The amount of an item that a store has available to sell.
supply
economics
demand
surplus
19
Related in such a way that each needs or depends on each other.
interdependence
consumer
independent
producer
20
More than needed to survive
demand
scarcity
surplus
supply