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Economics 6th grade Flashcards | StudBud
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Economics 6th grade
Economics 6th grade
14 terms
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A #socialstudies #Quiz to help students understand and study the basics of economics!
Flashcards
14 cards
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Questions
14
Answers
1
A government ordering stopping trade with another country.
Embargo
Trade
Quota
Specialization
2
the factories, machines, technologies, buildings, and property needed for a business to operate
capital goods
Scarcity
scarcity
Trade
3
Putting resources into producing what you can best produce
Human capital
Physical Capital
Specialization
Scarcity
4
The voluntary exchange of goods and services.
Physical Capital
Trade
Quota
Embargo
5
What is an example of investing in capital by a company?
Education young children.
Constructing new factories.
Training new workers.
Sending workers to workshops.
6
Which of the following is NOT one of the 3 basic economic questions?
For whom to produce?
When to produce?
How to produce?
What to produce?
7
A limited supply of something
Tariff
Scarcity
Entrepreneur
Quota
8
The total value or all the final goods and services produced in a country in one year
Import
Scarcity
Gross Domestic Product
Export
9
In which economic system are the decisions based on customs and habits of the past?
Command
Market
Mixed
Traditional
10
A tax on imports
Quota
Tariff
Embargo
Trade
11
A person who starts a business is known as a
Trade
Entrepreneur
Scarcity
Specialization
12
What is an example of an entrepreneur?
Constructing a new factory.
Putting a limit of goods imported.
Stopping trade with another country.
Starting ones own business.
13
Resources from nature
Quota
Tariff
natural resources
Embargo
14
How does having natural resources help the economy of a country?
Companies spend more money to buy natural resources.
The country is able to produce everything it needs.
Money is saved because it doesn't have to import resources.
Natural resources can be exported which provides income.
