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Georgia Sixth Grade Economics Vocabulary Flashcards | StudBud
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Georgia Sixth Grade Economics Vocabulary
Georgia Sixth Grade Economics Vocabulary
18 terms
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StudBud Administration
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#economics
Flashcards
18 cards
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Questions
18
Answers
1
The
standard of living
in a country is determined by ...........
Education
All of the above
Literacy Rate
Income
2
HIGH supply
and
LOW demand
means:
Charging more money for the product
No economic changes for the product
Charging less money for the product
3
In this economic system, people produce ONLY the basics that are needed to survive.
Command
Mixed
Market
Traditional
4
A country's GDP is its______________
total natural resources.
total population.
total good and services produced in one year.
total products sent to other countries.
5
Name factors of production...What influences a country's economy?
Human Capital
Natural Resources
All of the above
Capital Goods
6
An example of investing in
HUMAN CAPITAL
is when a country ______________
invests in new computers for government offices.
buys new machines for its factories.
invests in the education of its citizens.
7
When there is a
great demand
for something, the producer can charge more money.
True
False
8
Which of the following will influence economic
GROWTH
?
population
entrepreneurship
natural resources
life expectancy
9
Explain the relationship between a country's literacy rate and its standard of living.
The higher the literacy, the higher the standard of living.
The higher the literacy, the lower the standard of living.
10
In a COMMAND economy, who makes all economic decisions?
Government
President
Businesses
Citizens
11
Most countries have this type of economy.
Market
Mixed
Command
Traditional
12
What is the correct order of the economic continuum? (Think worse to best)
Command----Mixed-----Market
Traditional-----Command-----Market
Command-----Market------Mixed
Mixed-----Market------Command
13
Literacy is......
The ability to speak
The ability to read and write
The ability to learn
14
Entrepreneurship
is _________________
the standard that we use to judge economic growth.
the ability to read and write.
innovations and ideas involved in starting a new business.
15
Supply and Demand
is associated with which economic system?
Command
Traditional
Market
16
This word means there is a
not a lot
of this product available:
Abundance
Overflow
Scarcity
17
Things that
come from the land
are called
Abundance
Natural Resources
Capital Goods
Population
18
What helps to raise a country's Gross Domestic Product (GDP)?
High number of cars
High literacy rate
High population
High number of iphones
