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Unit 1 Review Flashcards | StudBud

Explore/Unit 1 Review

Unit 1 Review

10 terms·StudBud Administration·19 plays

A #econ #blindquiz to introduce the basics of SS57 #economics to #grade12

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Questions 10

Answers

1
Who isn't involved with NAFTA?
London
Canada
United States
Mexico
2
All other alternative choices
Economics
Opportunity Costs
Scarcity
Trade Offs
3
Consumer Sovereignty is...
supreme power or authority.
A peaceful agreement for my product
Its my money I need it now.
desire & needs of consumers control the output of producers.
4
The second best option that you could do
Economics
opportunity cost
Trade Offs
Scarcity
5
Which of these is not a factor of production?
land
entrepreneurship
labor
Standards of living
6
When the consumer buys a product, the firm...
Provides goods and services.
pockets the money and calls the police.
Takes the money and runs!!!
Rewards you with a stamp card.
7
What is involved in Circular Flow?
White House, National Bank, Business
Households, Business, Government.
Donald J. Trump
Clinton Foundation, Congress, Fake News
8
What are the three major Economies?
Mixed, Market, Command.
Mixed, Market, Basket
Carl Marx, Adam Smith, John Canes
QT, Circle K, Shell
9
the shortage of supplies is...
Trades Offs
Economics
Opportunity Costs
Scarcity
10
the branch of knowledge concerned with the production, consumption, and transfer of wealth is..
Trades Offs
Economics
Opportunity Costs
Scarcity