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Economics Review
Economics Review
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Econmics review for Chapters 5-6
Flashcards
26 cards
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Practice quiz
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Questions
26
Answers
1
When one buyer or seller tries to outdo another for consumers' business
credit
competition
free enterprise
interest
2
Henry Ford and Milton Hershey both took a risk to start their business. They are _____.
natural resources
entrepreneurs
capital resources
human resources
3
The cost of purchasing the new jacket is...
It was a low price
there was a high supply of jackets all in MY size
I got an extra pair of gloves as a gift for purchasing it
I won't have $ left over to buy the scarf I want
4
There are about 200 shirts the store owner needs to sell before the end of the day.He should...
lower the price or give an incentive to consumers
He should raise the price
give them away for free so he makes NO profit
He should throw them away
5
Shoes,toys, sports gear, cars, school supplies, phones, furniture, & clothes are examples of _.
consumers
services
producers
goods
6
The physical and mental effort required to produce goods and services
Human labor
entrepreneurship
capital
<p>natural </p>
7
When I went to the stores, I noticed serval workers and managers helping customers. These are..
Entrepreneurs
Human Resources
Capital Resources
Natural Resources
8
What would be the benefit of buying a new jacket?
It was a low price
It did not come in the color I wanted
It was very expensive and not in my budget
It was too small
9
Why do we import goods from China and other countries?
to create a scarcity
so we have to pay more taxes
to leave out other countries
So consumers have more choices
10
Carl has to think about the ______ and ______ before purchasing a good.
producers and consumers
costs and benefits
import and exports
supply and demand
11
Why do we export goods?
to create a scarcity
to pay taxes
So more of a producet can be sold</p>
to create a low supply</p>
12
Taxes citizens pay are used to pay for services such as...
libraries
schools
police and firefighters
roads
13
Items created by nature that are used to create goods and services
entrepreneurship
natural resources
human labor
capital
14
A store is offering a 50% off coupon to customers. The coupon is an example of a ______.
import
incentive
marketplace
economy
15
If there was a scarcity of blueberries, what would happen to the price?
They would be free
It would decrease
Stay the same
It would increase
16
What would happen to the price of concert tickets if everyone wanted to go?
The price would decrease because there is a high demand
The price would stay the same
The price would decrease because there is a scarity
The price would increase because there is a high demand
17
Consumers want to buy less and less of a product. This creates a...
high supply
choices
low demand
international trade
18
When 2 countries, 2 stores, or 2 people rely on each other for a certain good it is called __.
Producers and consumers
opportunity cost
choices
interdependence
19
Why do people create budgets?
so they can create a scarcity
so they can spend all their money and not save any
so they can pay taxes
To have a plan as to how to spend their money
20
If blueberries are NOT in season, there would be a _____ at the grocery store.
consumers
scarcity
high supply
no demand
21
The machines and equipment in a factory used to make shoes is called.
Capital Resources
Human Resources
Natural Resources
Entrepreneur
22
Citizens pay ______ to help pay for services in our community.
imports
income
taxes
goods
23
A ____ occurs when there is a
high demand
of a good and a
low or no supply
of it.
scarcity
capital
opportunity cost
interest
24
Sally had a choice between a dog and a fish for a pet. She chose a dog, so the fish is a _____.
scarcity
profit
opportunity cost
wants
25
The money you make for doing a job or service is called your _____.
profit
outcome
income
budget
26
I made hot chocolate. The cocoa, the farm, sugar cane, and milk are examples of...
Entrepreneurs
Capital Resources
Natural Resources
Human Resources
