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Exploring Economics-Period 1 Flashcards | StudBud
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Exploring Economics-Period 1
Exploring Economics-Period 1
16 terms
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Chapter 2, Lesson 2 Review
Flashcards
16 cards
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Practice quiz
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Questions
16
Answers
1
Demand is the amount of a good or service that a producer wants to sell.
True
False
2
______ are goods shipped out of the country.
Bartering
Imports
Globalization
Exports
3
The United States has what type of economy?
Mixed Economy
Traditional Economy
Command Economy
Market Economy
4
Supply is how much consumers want to buy.
True
False
5
What does barter mean?
Barriers that make trade difficult.
A merchant might trade fish for furs.
Both A and B
Goods and services are traded for other goods and services.
6
Scarcity means a lack of resources.
False
True
7
Who makes the decisions about what and how much is made, bought, & sold in a mixed economy?
Both government and individuals
No one
Individuals
Government
8
Technology is using knowledge in a practical way to accomplish a task.
True
False
9
Entrepreneurship means the act of running a business.
True
False
10
________ is the ability for people to do ________.
Exports, imports
Goods, services
Supply, Demand
Labor, work
11
Which of the following is the correct definition of capital?
A practical way to accomplish a task.
The act of running a business
None of the above
Money & goods used to help people make or do things
12
Globalization allows countries to have numerous trade partners.
False
True
13
In a market economy all decisions are made by the government.
True
False
14
What are imports?
Goods bought from other countries
Trade for other goods
Goods shipped out of the country.
Trade partners
15
The act of running a business & taking on the risks of that business is a traditional economy.
True
False
16
Consumers are not able to buy and sell what they want in free trade.
True
False
