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TC4 Economics Flashcards | StudBud
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TC4 Economics
TC4 Economics
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A 4th grade #economics review
Flashcards
22 cards
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Practice quiz
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Questions
22
Answers
1
An example of a natural resources is ....
oil
a building
an oven
a cashier
2
A consumer is
An animal that eats another animal
A customer, or person buying a good or service
When I eat until my stomach hurts
3
Economics is the study of....
how people exchange goods and services
exchanging money
dolla dolla bills
4
I am going to the Nike Factory to buy shoes, I am the
Employee
Consumer
Producer
5
Which of the following is NOT an essential part of a Market Economy?
Private Property Rights
Competition
Scarcity
Consumer Sovereignty
6
What are the 3 types of resources?
Capital, American, Grilled Cheese
Human, Animals, insects
Farmers, Meat, Dirt
Human, Capital, Natural
7
What does supply mean?
How much school supplies my parents buy me
How much people want something
How much of a product there is
8
"Where are they from?" is a questions that Economists ask?
True
False
9
An example of a capital resource is....
The President
machinery
sheep
cows
10
Opportunity Cost is
The cost of an opportunity
What you give up when you choose one thing over another
Doing everything I possibly can
11
When 2 stores are in a competition, the price will....
Stay the Same
Increase
Decrease
12
when supply decreases, price....
stays the same
decreases
increases
13
Scarcity is
When a good or resource is very limitied
When there is a lot of supply
When I am scared
14
Specialization is
When there is not a lot of something
When a country focuses on a specific good or services
When my mom tells me I am special
15
What does demand mean?
Somebody who goes shopping
How much of something there is
How much people want something
16
A service is
Something someone does for me and I pay them
Something I eat
Buying something at the store
17
When demand increases, price.....
increases
decreases
stays the same
18
"What is produced? " is a question that Economists might ask
True
False
19
When demand decreases, price....
stays the same
decreases
increases
20
An example of a human resource is...
Cheese
Pizza
Monkeys
A Farmer
21
A producer is
When I do arts and crafts
A plant
The business or company that makes the good/ service
22
a good is a
something someone does for you
something you can buy, eat, see, and feel
When I do well on a test
