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Economics Basics Flashcards | StudBud
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Economics Basics
Economics Basics
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A quiz for #6th graders covering basic terminology in #Economics.
Flashcards
16 cards
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Questions
16
Answers
1
What's another name for Emerging Economies?
Mixed Markets
Traditional Economies
Sprout-Up Markets
Consumer Markets
2
"Economy" currently describes the system in which we exchange _______ within a society.
goods, services, and money.
advantages, disadvantages, and benefits.
consumers, producers, and money.
cars, trains, and ships.
3
If the Apple store runs out of iPhones before everyone in the line buys one, the ____ is low.
demand
interdependency
supply
scalping
4
Growing inequality between the rich and the poor is a characteristic of which economy?
Market
Command
Traditional
Emerging
5
Besides supply, what's another factor that can affect demand?
price
how much consumers want the product
scalping
interdependency
6
What is the "buying and selling of goods" called?
Exporting
Trade
Importing
Economics
7
What do we say when supply and demand are equal?
The economy is equadistant.
The economy is at equilibrium.
The supply is beneath demand.
The demand is under supply.
8
What did the word "economy" originally mean?
The management of consumers and producers.
The management of household or private affairs?
The management of money and services.
The management of supply and demand.
9
Which economy isn't interested in technological improvements?
Emerging
Market
Traditional
Command
10
What is it called when the United States buys a good and brings it home from other countries?
Importing
Exporting
Economics
Trading
11
When a country imports more than it exports we say there is a _____?
Command Economy
Market Economy
Trade Deficit
Trade Surplus
12
Mrs. Contos is hiding a secret. What is it??
She's moving to California.
She's going back to school to become a full-time teacher.
She's moving back to Atlanta.
She's pregnant.
13
Little competition leading to low quality is a characteristic of which economy?
Market
Command
Traditional
Emerging
14
What is a trade surplus?
When supply is greater than demand.
When supply and demand are equal.
When a country imports more than it exports.
When a country exports more than it imports.
15
In a command economy...
Nothing is planned and regulated by the government.
Competition and quality of products are high.
Supply and demand are equal.
Everything is planned and regulated by the government.
16
Long lines outside the Apple store may suggest there's a high _____ for the new iPhone.
scalping problem
demand
supply
interdependancy
