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Duplicate of Economics Flashcards | StudBud
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Duplicate of Economics
Duplicate of Economics
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Economic Review 3rd grade
Flashcards
25 cards
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Practice quiz
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Host live
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Questions
25
Answers
1
Supply is...
To do a certain job.
The money you earn.
how much of something is available
Products and services businesses provide.
2
What is economics?
People depend on each other
Money, goods, services, supply, and demand
study of making choices about using scarce resources to fill wants & needs
The way a country manages its money and resources.
3
______ is the amount of money received from selling goods or services.
Resources
Expenses
profit
Services
4
When countries, businesses, or people depend on each other, it is called _______.
Specialize
Opportunity Cost
Depending
Interdependence
5
In a market economy the government plays a large role
False
True
6
A capital resource is...
Resources found in people
The things nature provides that we use for our wants/needs
Things we use to satisfy our wants and needs
Goods that are used to make other goods/to provide services
7
When you buy something, you have to give up something else to get what you want or need.
Supply
Price
Opportunity Cost
Good
8
A list of _________ for a business would show the total amount of money spent on resources.
Services
Expenses
Resources
Income
9
when there is not enough resources to produce everything people want and need
supply
shortage
scarcity
demand
10
_______ raise the price of imports so domestic industries can sell at lower prices
quota
the government
tariffs
market
11
When a product leaves its country to be shipped to another country, it is ________.
Exported
Imported
Bought
Sold
12
When you exchange one good or service for another, it is called...
Trade
Interdependence
Currency
Demand
13
A _________ is anything that satisfies our wants and needs.
Income
Resource
Toy
Supply
14
The economy of the US is based on a
traditional economy
national economy
free enterprise system
command economy
15
what is borrowing money to purchase goods and services called
supply
credit
tariffs
income
16
A mechanic knows how to repair a car. He/she _______ in this specific service.
Specializes
Supplies
Consumes
Produces
17
What could lead to a higher price for your product?
High supply, low demand
Low supply, high demand
High supply, high demand
Low supply, low demand
18
Economic systems that traditions, customs and beliefs shape the goods and products the society creates
mixed
market
traditional
command
19
what mostly determines the price of an item
interests rates
supply and demand
investments
profit
20
A human resource is...
Goods that are used to make other goods/to provide services
Things we use to satisfy our wants and needs
The things nature provides that we use for our wants/needs
Resources found in the workforce
21
because of scarcity people must decide: how to produce, for whom to produce, and what to produce
False
True
22
A natural resource is...
Goods that are used to make other goods/to provide services
Resources found in people
The things nature provides that we use for our wants/needs
Things we use to satisfy our wants and needs
23
Demand is...
Goods that are used to make other goods/to provide services.
Something people buy that you can hold or touch.
People's willingness to buy goods or services.
A person who makes a good or provides a service.
24
Currency is...
The type of money that a country uses to buy or trade things
Pesos
Euros
Dollars and Cents
25
Economist call _______ another form of money
labor
land
entrepreneur
capital
