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ECONOMICS review Flashcards | StudBud
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ECONOMICS review
ECONOMICS review
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StudBud Administration
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3rd grade eco unit
Flashcards
10 cards
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Practice quiz
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Questions
10
Answers
1
What is supply and demand?
specialization
products made based on needs or wants
economic choice
the balance of wants and barter
2
What is the difference between needs and wants?
They cost money.
Needs provide for life, but wants are just nice to have
They are the same thing.
Needs are free and wants are expensive.
3
What are exports?
goods received from other countries
the money we spend in stores
goods sold to other countries
services sent to help areas in need
4
What does barter mean?
to make a deal for an exchange of goods or services
things you need to survive
things you want
to bark like a dog
5
What are imports?
goods from other countries
advertising
goods sent to other countries
a community of workers
6
What is scarcity?
when we buy exports and imports
when there isn't enough of something people want or need
consumers and producers
when governments get scared
7
Which things show an economy is doing well?
Needs are met
No scarcity
all of the above
resources are used effectively
8
What is opportunity cost?
the money you spend on wants
the item you give up to get what you want
the money you spend on needs
trading or exchanging
9
What are 4 basic needs?
money, clothes, food, toys
food, shelter, clothing, water
toys, candy, fidget spinners, books
food, water, books, school
10
Which is not a human resource?
farmer
coal
waitress
painters
