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BASICS OF ECONOMICS Flashcards | StudBud
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BASICS OF ECONOMICS
BASICS OF ECONOMICS
25 terms
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StudBud Administration
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191 plays
Basic concepts of economics
Flashcards
25 cards
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Practice quiz
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Questions
25
Answers
1
What is "specialization?"
Selling many services
Only allowing customers to buy product online
Selling many kinds of goods
Selling one kind of good or service
2
What is the "opportunity cost" of buying something.
Your "second-best" choice you give up when you buy something
The cost of buying something on sale
The regular price of an item
Your first choice when you buy something
3
What bird represents Cedar Crest?
the Eagle
the falcon
the finch
the cardinal
4
What are Cedar Crest's school colors?
blue and gray
blue and white
gray and black
white and gray
5
What is "scarcity?"
not having enough of something
Having an average amount of something
Having too much of something
Not knowing how much you have
6
What word means to put money into your bank account?
to hold a deposition
to deposit
to dispose
to depose
7
What type of resource is wood that is used to make furniture?
a natural and capital resource
a human resource
a natural resource
a capital resource
8
Consumers have to make choices because they have an unlimited amount of money to spend.
True
False
9
Who is a person who creates a good or provides a service?
A capital resource
A natural resource
A producer
A consumer
10
What is a country's system of money called?
pesos
dollars
fluency
currency
11
Working means you do not trade your time and effort for money.
True
False
12
If the "demand " goes up, the price goes up.
True
False
13
What type of resource are apples that are used to make apple sauce?
capital
natural
human
capital and natural
14
When you put your money into a bank account, you _____________interest.
drink
pay
eat
earn
15
What is "bartering?"
Trading by using money
Selling only goods
Trading without using money
Selling only services
16
Who is a person who buys a good or a service?
Producer
Consumer
Buyer
Seller
17
What word means depending on others to provide things you need?
dependency
Dependable
Independent
Interdependent
18
What is this coin called?
a loonie
a peso
an Eastern Caribbean dollar
a toonie
19
What is "demand?"
How much people want to buy a product
How much people want to sell a product
The amount of money a business makes
How few people want to buy a product
20
America imports products from other countries so that we can have things that are only made or grown in that country.
True
False
21
A unit of money Mexico uses is called the _________.
peso
Canadian dollar
Gourde
Euro
22
Rita's Italian ice is an examples of specialization.
False
True
23
A "resource" is something used to produce goods and services.
True
False
24
Money that you earn by working at a job is called a(n)__________.
import
opportunity cost
export
income
25
If the "supply" goes up, the price goes up.
True
False
