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Economics: Flashcards | StudBud
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Economics:
Economics:
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A Quiz quiz to test your knowledge of Economics vocabulary.
Flashcards
13 cards
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Practice quiz
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Questions
13
Answers
1
An economy in which the government makes all the decisions about the supply and production.
Market Economy
Traditional Economy
Command Economy
Mixed Economy
2
The condition of NOT having enough of something for everyone to have what they want and need.
Producer
Scarcity
Consumer
Surplus
3
An economy in which producers and consumers decide about what and how much to produce.
Command Economy
Market Economy
Traditional Economy
Mixed Economy
4
Natural resources, labor, capital, and entrepreneurship are all...
Factors of Production
Consumers
Market Equilibrium
Surplus
5
Having too much supply that exceeds demand...
Market equilibrium
Demand
Surplus
Shortage
6
The Gross Domestic Product (GDP) is...
The total of goods minus the total of all services produced.
The total of all goods and services produced by a nation
The total americans pay in taxes
The stock market high point
7
Person who makes and sells goods...
Consumer
Natural Resources
Producer
Distributor
8
How much of something producers make...
Demand
Need
Supply
Surplus
9
Producers and consumer decide about supply and production, but the government makes some rules.
Market economy
Mixed economy
Traditional economy
Command Economy
10
How much consumer are willing to buy...
Supply
Shortage
Demand
Surplus
11
The general rise in prices resulting from a decline in the value of money.
depression
recession
inflation
deflation
12
The price at which producers make exactly as much as consumers are willing to buy.
Market Equilibrium
Scarcity
Supply
Demand
13
When economic activity increases until it reaches a peak in the business cycle.
contraction
expansion
depression
recession
