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Duplicate of Economics 6th grade Flashcards | StudBud
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Duplicate of Economics 6th grade
Duplicate of Economics 6th grade
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A #socialstudies #Quiz to help students understand and study the basics of economics!
Flashcards
26 cards
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Questions
26
Answers
1
What is the main purpose of NAFTA?
To keep people in one country from buying goods from another
Creating a large free trade zone.
Eliminating a large free trade zone.
To create tariffs between Canada, Mexico, and the U.S.
2
A limited supply of something
Tariff
Quota
Entrepreneur
Scarcity
3
What is an example of investing in capital by a company?
Training new workers.
Sending workers to workshops.
Constructing new factories.
Education young children.
4
A government ordering stopping trade with another country.
Specialization
Embargo
Trade
Quota
5
The voluntary exchange of goods and services.
Trade
Quota
Embargo
Physical Capital
6
The education, training, skills, and health of the workers in a business or country
Human Capital
Physical Capital
Scarcity
Specialization
7
Name three things you can invest your money in to make it grow.
Real Estate, a business, and stock/ bonds.
Paying for lunch, renting an apartment, and college.
Vacations, buying a couch, and quitting your job.
8
Modern economies are a mixture of
Only Command
Command and Traditional
Command and Market
Traditional and Market
9
A tax on imports
Tariff
Trade
Quota
Embargo
10
How does having natural resources help the economy of a country?
Companies spend more money to buy natural resources.
Money is saved because it doesn't have to import resources.
Natural resources can be exported which provides income.
The country is able to produce everything it needs.
11
A specific limit placed on the number of imports that may enter a country
Trade
Embargo
Quota
Physical capital
12
A person who starts a business is known as a
Scarcity
Entrepreneur
Trade
Specialization
13
What is an example of credit?
Buying a candy bar.
Paying for your lunch.
Buying a skateboard.
Buying a car.
14
The total value or all the final goods and services produced in a country in one year
Export
Import
Gross Domestic Product
Scarcity
15
Why is it important for a country to invest in human capital?
The country is more successful when workers are educated.
To get more computers.
To make more products.
To have more factories.
16
Putting resources into producing what you can best produce
Scarcity
Human capital
Physical Capital
Specialization
17
What is an example of an entrepreneur?
Starting ones own business.
Constructing a new factory.
Stopping trade with another country.
Putting a limit of goods imported.
18
Which of the following is NOT one of the 3 basic economic questions?
For whom to produce?
When to produce?
What to produce?
How to produce?
19
Resources from nature
Embargo
natural resources
Quota
Tariff
20
Name all three trade barriers.
Savings, budget, and investment
Quota, Embargo, and Tariff
Scarcity, Specialization, and Entrepreneur
Command, Market, and Traditional
21
Limits on trade
Trade
Natural resources
Embargo
Trade barriers
22
In which economic system are the decisions based on customs and habits of the past?
Traditional
Command
Mixed
Market
23
In which economic system do people make economic decisions based on buyers and sellers?
Command
Mixed
Market
Traditional
24
Why does international trade require a system for exchanging currency among nations?
Because buyers and sellers said so.
Every country does not use the same type of currency.
Not everyone has the same leader.
Constructing new factories,
25
In which economic system are economic decisions made by the government?
Traditional
Command
Mixed
Market
26
the factories, machines, technologies, buildings, and property needed for a business to operate
Scarcity
Trade
Physical capital
Human capital
