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Commerce Economics Flashcards | StudBud

Explore/Commerce Economics

Commerce Economics

10 terms·StudBud Administration·92 plays

This quiz is to test students on the basics of Economics

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Questions 10

Answers

1
Our Economic Resources include
Land, Labour, Capital, Mining
Land Labour, Capital, Water
Land, Labour, Capital, Farming
Land, Labour, Capital, Enterprise
2
What is Scarcity?
Deciding to open a business
How to use our limited resources
Choosing a product we like
Be terrified
3
What is the definition of Economics?
Deciding to go to the movies
none of the above
Deciding how to spend your money
Deciding what to do with scarce resources
4
Our major exports include:
Water and Mining
Mining and Technology
Manufacturing and Technology
Manufacturing and Mining
5
The Equilibrium Price is
The price where demand is more than supply
The price where demand equals supply
the price where supply is more than demand
The price you will be asked to pay regardless of demand
6
The three basic Economic questions do NOT include
What to Produce
Why we Produce
How to Produce
For Whom to Produce
7
The factors of demand include
Income and Supply
Income and Price of the Product
Income and expenditure
None of the above
8
Our largest export destinations are:
China and Europe
China and USA
China and India
China and Japan
9
The cost benefit analysis
A job for an economist to do
Making a list of positive & negative points to chose an item
None of the above
Analysing market costs of items
10
Opportunity Cost is
The cost of an item
Buying many of one type of item
the cost of the choice foregone
The opportunity to buy a product