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Economics Flashcards | StudBud

Explore/Economics

Economics

13 terms·StudBud Administration·34 plays

The basics of economics

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Questions 13

Answers

1
What is globalization?
All the countries of the world becoming one
The destruction of the globe
The interconnection of countries and people across the globe
2
What happens when demand goes down?
Price Decreases
Price Increases
Price stays the same
3
What is demand?
When you insist someone does what you want
How much need there is for goods and services
How many goods and services you have
4
What is inflation?
Decrease in the price of goods
When you blow up a balloon
Increase in the average price of goods
5
What kind of good is this?
Natural good
Manufactured good
Intermediate good
6
What is supply?
How much you use of something
When you give something to someone else
The amount of goods and services you have
7
What is a consumer?
People who consume stuff
People who use goods and services
People who eat a lot
People who save money
8
What kind of resource is this?
Natural resource
Man-made resource
Manufactured good
Intermediate good
9
What is economics?
How people make money
How people pay the rent
People use limited resources to get their wants and needs
10
What kind of good is this?
intermediate goods
manufactured goods
11
What happens when supply goes down?
Price stays the same
Price Increases
Price decreases
12
What happens when demand goes up?
Price goes down
Price goes up
Price stays the same
13
What happens when supply goes up?
Price goes up
Price goes down
Price stays the same