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ECONOMICS: The Bare Basics Flashcards | StudBud
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ECONOMICS: The Bare Basics
ECONOMICS: The Bare Basics
16 terms
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StudBud Administration
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BASIC ECONOMIC CONCEPTS
Flashcards
16 cards
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Practice quiz
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Questions
16
Answers
1
an economy in which the central government makes all economic decisions is a
command economy
mixed economy
traditional economy
market economy
2
having a limited quantity of resources to meet unlimited wants is
economics
culture
scarcity
3
Exports are
What we produce, and sell or trade to another country.
what another country produces and sells or trades to us.
4
Which of these is a
want
a roof that doesn't leak water when it rains
a pair of Nike Kobe Xs
a warm jumper in winter
a simple meal of meat & vegetables
5
Which of the following are
needs
clothing
shelter
food & drink
all of them
6
the amount of a good or service that is available for use
demand
supply
7
an economy that combines elements of traditional, market, and command economic systems is a
traditional economy
mixed economy
command economy
market economy
8
an economy in which people make economic decisions based on their customs and habits is a
traditional economy
command economy
mixed economy
market economy
9
A good example of a
need
is
good wifi
the latest clothing fashions
soft drink
food
10
Needs are the 'things'
all of these
essential to our survival
presents we get from family & friends
provided to us by the government
11
an economy in which individual consumers and producers make economic decisions is a
command economy
market economy
mixed economy
traditional economy
12
Imports are
What we produce, and sell or trade to another country.
what another country produces and sells or trades to us.
13
Wants are the 'things' that
give us a more fulfilling life
aren't essential for our survival
all of these
we would like to have
14
The system that provides us with the goods & services we need and want is the
Culture
Mixed economy
Climate
Economy
15
the desire for a certain good or service
supply
demand
16
If only our needs were supplied
all of these
we'd all die of starvation
life could be quite boring
we would have things such as phones and toys