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Economics Review Flashcards | StudBud
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Economics Review
Economics Review
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1
A system for producing, distributing, and consuming goods and services.
economy
trading game
mixed economy
service
2
Look at the image below. What strategy for advertising is being used?
convenience
price
healthier
more attractive
3
A shop that fixes cars is an example of a _________.
good
resource
economy
service
4
The number one goal when people start a business is ______.
make good products
make a profit
make people happy
make a friend
5
A person who starts their own business is called a/an ________.
entrepreneur
barter
profit
dude
6
Quincy made chocolate chip cookies. He used butter, sugar and flour or __________.
Capital Resources
Human Resources
Labor Resources
Natural Resources
7
Weatherman predicts snow. People run to buy snow shovels. What happens to shovel prices?
Demand Decreases; Price Decreases; Supply Increases
Demand Increases; Price Increases; Supply Increases
Demand increases; Price Increases; Supply Decreases
Demand Decreases; Supply Decreases; Price Increases
8
If I make the cakes to sell I am a __________.
land resource
capital resource
human resource
natural resource
9
The quantity of goods or services available is known as ______.
demand
scarcity
summer
supply
10
Perfect paper snowflakes are made with rulers and scissors. These are examples of...
natural resources
labor resources
capital resources
raw materials
11
If a country sends out goods to another country it is a/an _______.
expectation
export
producer
import
12
Methods that encourage consumers to buy a product are called...
resources
market
incentives
<p>demand</p>
13
All of the following items would make a company more globalized EXCEPT...
Wi-Fi
Web site
Computers
Ink Pens
14
All of the following reasons show why countries trade EXCEPT...
wanting to make money
more items than needed
having certain resources or abilities
countries like one another
15
If I make the goods I am a/an _______; If I use the goods I am a/an _______.
producer; consumer
consumer;producer
resource; labor
maker; user
16
I live in an economy where the government makes all my decisions. I live in a _______________.
Command Economy
Market Economy
Traditional Economy
Mixed Economy
17
An economy that uses barter is a _______.
traditional economy
command economy
mixed economy
market economy
18
A tornado wipes out the lemon tree crop. What might happen to the supply, demand & price?
Supply decreases, demand decreases, price goes down
Supply holds steady, demand decreases, price goes down
Supply increases, demand holds, price goes up
Supply decreases, demand holds, price goes up
19
Joey trades Sam his baseball cards for a jersey. What is this an example of?
competition
monopoly
barter
service
20
Sony invents a new PlayStation; what will likely happen to the demand for the old system?
The demand will stay the same
The demand will increase
The demand will decrease
21
The machines and tools used to build cars would be known as __________.
Capital Resources
Labor Resources
Human Resources
Natural Resources
22
A shortage of goods is known as _______.
Demand
Skinny
Supply
Scarcity
23
When prices are based on what consumers are willing to pay it is a/an ______.
market economy
mixed economy
command economy
traditional economy
24
When a country brings IN goods from another nation it is a/an _______.
inport
import
barter
export
25
I chose orange juice instead of apple juice. Apple juice was my __________.
Breakfast
Incentive
Opportunity Cost
Barter
26
All of the following are methods of advertisement EXCEPT...
healthier
convenience
speed
celebrity endorsement
