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7th grade Civics Chapter 16 Intro to Economics Flashcards | StudBud
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7th grade Civics Chapter 16 Intro to Economics
7th grade Civics Chapter 16 Intro to Economics
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Answers
1
Costs to a business that DO NOT change no matter how much a business produces.
Total costs
V-bucks costs
Variable costs
Fixed costs
2
Government oversees some market functions and some services.
Command economy
Mixed market economy
Traditional economy
Mixed media economy
3
The study of how people make decisions with limited resources.
econology
etymology
economics
financialogy
4
Customs and habit answer the three economic questions.
Market economy
Traditional economy
Custom economy
Command economy
5
Costs to a business that DO change based on how much the business produces
Wavering costs
Total costs
Variable costs
Fixed costs
6
Which of the following is an example of what to produce?
regulating air pollution caused by factories
deciding where to drill for oil
hiring new workers
printing new textbooks
7
The money a business brings in from selling its goods or services
Revenue
Cash money bruh
Opportunity cost
Tax evasion
8
Which of the following is an example of a resource?
fence
wood
house
deck
9
The type of economy where government agencies answer the economic questions.
Planner economy
Mixed market economy
Traditional economy
Command economy
10
Which of the following is NOT one of the economic choices facing every society?
How to produce?
What to produce?
For whom to produce?
Why to produce?
11
Which of the following directly causes a change in demand?
Number of consumers
Lower costs of production
Number of producers
New technology
12
What does "thinking like an economist" mean?
Being a miser
Choosing the option where the benefits outweigh the costs
Making a great deal on Shark Tank
Being rich
13
The reason people and nations are forced to make economic choices.
Surplus of supplies
Supply/Demand
Scarcity of resources
Shortage of intelligent people
14
Who makes the economic decisions in a command economy?
Satan
El Primo
The government
You
15
A nation’s way of producing things its people want and need.
Economics
Supply
Economic System
Capital resource
16
When there is a surplus, it usually means the price is too high.
False
True
17
What forces establish prices in the United States and other market economies?
Supply/Demand
Shortage/Surplus
Wants/Needs
God/Satan
18
The people who buy goods and services are called producers.
False
True
19
The lost income from not taking a shift at work is an opportunity cost of studying for a test instead.
False
True
20
Which of the following would make the demand curve move to the right?
A surplus of oil hits the market
The number of consumers in an area decreases
The average number of consumers declines during a recession
People are looking for hard-to-find toys during the holidays
21
If the supply curve moves to the left, consumers are willing to pay less for the item.
False
True
22
Variable costs to a business are costs that DO NOT change.
False
True
23
What two factors lead to scarcity?
Unlimited needs/limited wants
Limited wants/unlimited resources
Unlimited consumers/Limited producers
Unlimited wants/limited resources
24
The extra income that results from selling one more unit of the output.
Marginal cost
Trade-off
Marginal revenue
Opportunity cost
25
Which two are factors that can increase supply in a market?
Decrease in natural resources
Increase in consumers
Decrease in costs of production
Increase in number of suppliers
26
What is an example of a capital resource?
Wood
Worker's knowledge
A secretary
A Building
