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Economics
Economics
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economics basics
Flashcards
20 cards
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Practice quiz
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Questions
20
Answers
1
When a resource is in limited or short supply.
demand
scarcity
market
2
Any kind of work performed for others
supply
services
surplus
3
Material that can be used to produce crops or other products.
product
supply
demand
resources
4
The act of giving or delivering something to people.
market
economics
distribution
production
5
When a country brings products from another country.
export
import
6
The most common economic indicators to use are
life expectancy
literacy rate
GDP
all of the above
7
To send a product produced in one country to another
export
import
8
The amount of an item that a store has available to sell.
economics
surplus
supply
demand
9
Related in such a way that each needs or depends on each other.
producer
interdependence
independent
consumer
10
A person who makes things or provides a service for others to use or buy.
producer
capitalist
consumer
11
The process of making or growing something for sale or use.
distribution
market
produce
production
12
A person who buys goods and/or services
producer
market
consumer
entrepreneur
13
More than needed to survive
surplus
scarcity
demand
supply
14
Something you can use or eat
goods
demand
resource
market
15
Includes the buildings, land, machines, and other items used to create wealth
capital
money
GDP
surplus
16
A person who starts a business and is willing to accept the risk of loss or gain/profit.
entrepreneur
producer
consumer
17
The things that are needed for production to occur are called....
factors of production
market
goods
GDP
18
The place or atmosphere in which goods or services are sold or exchanged.
resource
import
market
export
19
The total dollar value of all goods and services produced in a country in a single year.
gross domestic product
MVP
GDP
production
20
The amount of people who want to purchase an item.
entreperneur
producers
demand