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Lesson 6: Economics Basics Flashcards | StudBud
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Lesson 6: Economics Basics
Lesson 6: Economics Basics
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StudBud Administration
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Questions
14
Answers
1
A general increase in prices is called
inflation
profit
sale
deflation
2
If the demand for a product increases, the price of that product will increase.
False
True
3
What are the three factors of production?
supply, demand, profit
people, animals, natural resources
land, labor, capital
supplies, money, demand
4
Which economic system encourages people to start their own businesses?
market
command
mixed
traditional
5
Saving money is a feature of a good budget.
True
False
6
The act of trading goods and services is known as?
barter
exchange
credit card
loan
7
How do companies make a profit?
They increase expenses and revenue.
They increase expenses and decrease revenue.
They decrease expenses and increase revenue.
They increase prices.
8
What is the study of how people meet their needs and wants?
shopping
production
supply and demand
economics
9
What type of economic system has the greatest level of government control?
market economy
traditional economy
command economy
mixed economy
10
An arrangement in which a buyer can borrow money to purchase something and pay for it later is known as?
savings
supply
budget
credit
11
How can a company compete with other companies?
increase prices
offer free money
lower supply of goods
lower prices
12
Increased competition between producers can lead to
a decrease in profit
no change
a drop in demand
an increase in profit
13
What type of economic system is based on a group's customs and values and usually includes farming and hunting?
mixed
traditional
command
market
14
Which of the following is one of the basic economic questions?
How can income be shared?
How should goods and services be produced?
What price should be set for goods and services?
Who will produce those goods?
