Describe a command economy:

The government controls the production of goods and services

In economics, what is interest?

Money you get from lending money to a bank, Money you pay for borrowing money

What did Adam Smith do?

Wrote a book describing capitalism

Agreeing to pay for something later

In economics, what is demand?

How much consumers will buy of a certain item

What is the benefit of investing in a mutual fund?

It is relatively low-risk, It is professionally managed

In economics, what is supply?

How much producers will produce of a given item

Describe a market economy:

Individuals control the production of goods and services

studbud

8th Grade Economics Vocab

20 termsStudBud Administration319 plays

Imported from external platform

Flashcards20 cardsFPractice quizPHost liveL

Questions 20

Answers

1
What is a 401(k)?
A non-refundable bond
Disposable income
A type of credit card
A retirement fund
2
What is an economy that is part command economy and part market economy?
A melange economy
A credit economy
A mixed economy
3
Supply and demand meet to determine this, a price of a good agreed upon by buyers and sellers:
Market price
Supply price
Demand price
4
Describe an entrepreneur:
Someone who starts a business
Someone who runs for office
A special tax on immigrants
A special tax on business
5
Describe a command economy:
The government controls the production of goods and services
The people control the government
Individuals control the production of goods and services
The government controls the people
6
An investment made by loaning money, then getting it all paid back with at a later time:
IRA
Bond
Mutual Fund
Stock
7
In economics, what is interest?
Money you get from lending money to a bank
Money you pay for borrowing money
A loan paid to you by speculators
A limited number of resources
8
What did Adam Smith do?
Started a capitalist government
Created a socialist government
Wrote a book about socialism
Wrote a book describing capitalism
9
Describe scarcity
The second-best option
The risk of starting a business
The power to vote
A limited supply of resources
10
Why does a society make and use money?
To stop socialism
To protect private property
To create competition
To buy goods and services
11
Describe credit:
The risk of starting a business
How much something costs
Paying for something electronically
Agreeing to pay for something later
12
Whenever you make a choice, you are giving up the second-best option. That option is called:
Scarcity
Entrepreneurship
Opportunity Cost
Credit
13
In economics, what is demand?
How much producers will buy of a certain item
How much consumers will buy of a certain item
How much people will sell an item for
14
What is the benefit of investing in a mutual fund?
It represents ownership in a corporation
It is relatively low-risk
It is professionally managed
The income is non-taxable
15
In economics, what is supply?
How much producers will produce of a given item
How much people will pay for a given item
How much of a given item is in a store
16
A piece of ownership in a corporation, which gets you some of the corporation's profits:
Bond
Mutual Fund
Stock
IRA
17
What does the Federal Reserve do?
Gives loans to home buyers
Regulates the stock market
Regulates gas prices
Regulates money supply
18
Describe a market economy:
The government controls the production of goods and services
Individuals control the production of goods and services
The market controls the government
The government controls the market
19
Which type of bank account is used for accumulating interest?
Account Dracula
A credit account
A savings account
A checking account
20
The government can take people's property away for public use if it pays them for it. This is?
Entrepreneurship
Taxation
Eminent Domain
Credit

8th Grade Economics Vocab Flashcards | StudBud