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