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