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Economics Basics Flashcards | StudBud
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Economics Basics
Economics Basics
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A quiz for #6th graders covering basic terminology in #Economics.
Flashcards
16 cards
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Questions
16
Answers
1
If the Apple store runs out of iPhones before everyone in the line buys one, the ____ is low.
demand
interdependency
scalping
supply
2
What do we say when supply and demand are equal?
The economy is equadistant.
The economy is at equilibrium.
The demand is under supply.
The supply is beneath demand.
3
What did the word "economy" originally mean?
The management of money and services.
The management of household or private affairs?
The management of consumers and producers.
The management of supply and demand.
4
Besides supply, what's another factor that can affect demand?
how much consumers want the product
price
scalping
interdependency
5
Long lines outside the Apple store may suggest there's a high _____ for the new iPhone.
supply
interdependancy
scalping problem
demand
6
Growing inequality between the rich and the poor is a characteristic of which economy?
Traditional
Market
Emerging
Command
7
Which economy isn't interested in technological improvements?
Emerging
Command
Market
Traditional
8
When a country imports more than it exports we say there is a _____?
Command Economy
Trade Surplus
Market Economy
Trade Deficit
9
Little competition leading to low quality is a characteristic of which economy?
Emerging
Command
Market
Traditional
10
What's another name for Emerging Economies?
Traditional Economies
Consumer Markets
Mixed Markets
Sprout-Up Markets
11
What is it called when the United States buys a good and brings it home from other countries?
Trading
Importing
Economics
Exporting
12
What is a trade surplus?
When a country imports more than it exports.
When supply and demand are equal.
When a country exports more than it imports.
When supply is greater than demand.
13
In a command economy...
Nothing is planned and regulated by the government.
Competition and quality of products are high.
Supply and demand are equal.
Everything is planned and regulated by the government.
14
"Economy" currently describes the system in which we exchange _______ within a society.
goods, services, and money.
advantages, disadvantages, and benefits.
cars, trains, and ships.
consumers, producers, and money.
15
What is the "buying and selling of goods" called?
Trade
Economics
Exporting
Importing
16
Mrs. Contos is hiding a secret. What is it??
She's pregnant.
She's moving to California.
She's going back to school to become a full-time teacher.
She's moving back to Atlanta.
