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Economics Flashcards | StudBud
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Economics
Economics
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A #socialstudies #Quiz to help students understand and study the basics of economics!
Flashcards
12 cards
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Questions
12
Answers
1
Resources from nature
natural resources
Tariff
Quota
Embargo
2
A person who starts a business is known as a
Specialization
Entrepreneur
Scarcity
Trade
3
In which economic system are the decisions based on customs and habits of the past?
Mixed
Command
Market
Traditional
4
The voluntary exchange of goods and services.
Quota
Trade
Embargo
Physical Capital
5
A limited supply of something
Tariff
Scarcity
Quota
Entrepreneur
6
the factories, machines, technologies, buildings, and property needed for a business to operate
Scarcity
Physical capital
Trade
Human capital
7
Which of the following is NOT one of the 3 basic economic questions?
For whom to produce?
How to produce?
When to produce?
What to produce?
8
Modern economies are a mixture of
Command and Market
Traditional and Market
Only Command
Command and Traditional
9
In which economic system would you expect to have the most products available to the consumer?
Market System
Traditional System
Communist System
Command System
10
In which economic system are economic decisions made by the government?
Command
Mixed
Traditional
Market
11
What is an example of an entrepreneur?
Constructing a new factory.
Stopping trade with another country.
Starting ones own business.
Putting a limit of goods imported.
12
In which economic system do people make economic decisions based on buyers and sellers?
Traditional
Command
Market
Mixed
