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Economy Flashcards | StudBud
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Economy
Economy
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1
What is supply?
To trade without using money
Supply is not part of an economy
The amount of something available
The want or need from consumers in an economy
2
Will the price of a newly released video game stay the same from release date to 8 months later
Yes it will stay the same constantly
Who cares about video games?
Prices rarely stay the same
Probably not; demand will go down and so will supply maybe
3
What are services?
Services include clothing, food, and water only
This refers to policemen only
There are no services in our current economy
When someone helps or does work for another person
4
What is scarcity?
A large amount of an item available
When there is a small amount of something available
This is not part of an economy
Scary things that happen in the economy
5
Economy is ...
Something that is made up by the government
Not something kids need to know
Something we talked about in the old days only
the wealth and resources of a country or region
6
The reason that rappers earn more than $100 million each year while teachers earn less is ...
Consumers enjoy concerts & are willing to spend lots of $$$$
Because the demand for rappers' talents is very low
Because the supply of rappers are very low
Teachers don't have a need in our society
7
What is a trade - off?
Not enough information
To trade without money
Trading something for a lump sum of cash
Only something that happens in sports
8
What is a producer?
The only role people can play in the economy
A person who makes and sells goods and/or services
Producers and consumers are the exact same thing
Producers are only used in the music industry
9
When the demand of something goes up, the supply usually goes ....
Up
Goes to 0 immediately
Sideways
Down
10
When the supply of something does down, the demand usually goes ....
Up
Off the chart
Sideways
Down
11
What are goods?
Only positive things that happen to consumers
Things in this world
Things that are made or grown and then sold
All of the answers
12
What is demand?
A good or service that is grown and then sold
The amount of an item available to consumers
Demand is only on TV
How much consumers want something
13
What is barter?
When there is a large amount of an item available
Happens when there is a small amount of an item available
An exchange or compromise; not always of the same value
Barter doesn't happen anymore
14
Who is a consumer?
A smart shopper
A person who makes and sells goods and services
A person who buys goods and services
Someone who spends money constantly
