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Economics
Economics
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economics basics
Flashcards
20 cards
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Practice quiz
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Questions
20
Answers
1
A person who starts a business and is willing to accept the risk of loss or gain/profit.
entrepreneur
consumer
producer
2
The most common economic indicators to use are
life expectancy
GDP
all of the above
literacy rate
3
The process of making or growing something for sale or use.
market
distribution
production
produce
4
To send a product produced in one country to another
import
export
5
When a resource is in limited or short supply.
scarcity
demand
market
6
Something you can use or eat
demand
goods
resource
market
7
The things that are needed for production to occur are called....
factors of production
market
GDP
goods
8
Any kind of work performed for others
surplus
services
supply
9
The place or atmosphere in which goods or services are sold or exchanged.
export
resource
market
import
10
Material that can be used to produce crops or other products.
resources
demand
supply
product
11
The amount of people who want to purchase an item.
entreperneur
demand
producers
12
The act of giving or delivering something to people.
production
distribution
market
economics
13
A person who buys goods and/or services
producer
market
consumer
entrepreneur
14
A person who makes things or provides a service for others to use or buy.
consumer
producer
capitalist
15
More than needed to survive
supply
surplus
scarcity
demand
16
Includes the buildings, land, machines, and other items used to create wealth
surplus
GDP
capital
money
17
The total dollar value of all goods and services produced in a country in a single year.
gross domestic product
GDP
MVP
production
18
Related in such a way that each needs or depends on each other.
consumer
interdependence
producer
independent
19
The amount of an item that a store has available to sell.
supply
surplus
economics
demand
20
When a country brings products from another country.
export
import