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Duplicate of Economics 6th grade Flashcards | StudBud
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Duplicate of Economics 6th grade
Duplicate of Economics 6th grade
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A #socialstudies #Quiz to help students understand and study the basics of economics!
Flashcards
17 cards
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Questions
17
Answers
1
The education, training, skills, and health of the workers in a business or country
Scarcity
Human Capital
Specialization
Physical Capital
2
In which economic system are the decisions based on customs and habits of the past?
Market
Traditional
Command
Mixed
3
Which of the following is NOT one of the 3 basic economic questions?
What to produce?
For whom to produce?
How to produce?
When to produce?
4
What is an example of an entrepreneur?
Stopping trade with another country.
Putting a limit of goods imported.
Starting ones own business.
Constructing a new factory.
5
How does having natural resources help the economy of a country?
Money is saved because it doesn't have to import resources.
The country is able to produce everything it needs.
Companies spend more money to buy natural resources.
Natural resources can be exported which provides income.
6
Modern economies are a mixture of
Traditional and Market
Command and Traditional
Command and Market
Only Command
7
Resources from nature
Embargo
natural resources
Quota
Tariff
8
Putting resources into producing what you can best produce
Physical Capital
Scarcity
Specialization
Human capital
9
the factories, machines, technologies, buildings, and property needed for a business to operate
Human capital
Trade
Physical capital
Scarcity
10
In which economic system do people make economic decisions based on buyers and sellers?
Mixed
Command
Market
Traditional
11
A person who starts a business is known as a
Entrepreneur
Scarcity
Trade
Specialization
12
What is an example of investing in capital by a company?
Training new workers.
Sending workers to workshops.
Constructing new factories.
Education young children.
13
A tax on imports
Embargo
Tariff
Quota
Trade
14
Why does international trade require a system for exchanging currency among nations?
Because buyers and sellers said so.
Not everyone has the same leader.
Constructing new factories,
Every country does not use the same type of currency.
15
The total value or all the final goods and services produced in a country in one year
Export
Gross Domestic Product
Import
Scarcity
16
A limited supply of something
Scarcity
Entrepreneur
Tariff
Quota
17
In which economic system are economic decisions made by the government?
Command
Traditional
Mixed
Market
