Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
Economics
| Question | Answer |
|---|---|
| How will the following situation affect the supply/demand and price of hula hoops? There is a malfunction at the factory and the machine that makes the hula hoops cannot be turned off. | supply will increase so price will descrease |
| How will the following situation affect the supply/demand and price of sweatshirts? There is an unexpected cold spell in June | demand will increase so price will increase |
| How will the following situation affect the supply/demand and price of iPods? Sony releases a cheaper version of the iPod called the sPod | demand will decrease so price will decrease |
| In this system, the worker will take home a fixed amount of money no matter how much they produce in a day. | command |
| One of the overriding values of this system is competition. | market |
| This system does not place value on change. | traditional |
| In this system, the wants and needs of the government are placed first. | command |
| This is the system that the majority of the world uses, including the USA | market |
| This systems is based on what your family or country usually produces and sells | traditional |
| In these systems, people often have little or no choice in their career | traditional and command |
| This system is also called communism | command |
| A worker in this system would most likely have the same job as his or her ancestors | traditional |
| This system is defined by individual desires and aspirations | market |
| Because there is a surplus of asparagus in Oceana County, farmers can _________ it to other areas. | export |
| ________ are the things that people make to be sold to the public. | consumer goods |
| If the ________ for an item is low, the price will decrease. | demand |
| There is little stress on economic progress in a ________ economy | traditional |
| Oil is an example of a ________ because it is a fossil fuel. | natural resource |
| Due to the fact that we cannot grow bananas here, we have to ________ them | import |
| In order to get customers to buy more goods, many producers will offer ________. | incentives |
| Someone who gets paid for a job that doesn't involve making and selling a product, such as waiting tables, is providing a ________. | service |
| After buying the marker for $20, I made a $10 ________ when I sold it for $30. | profit |
| ________, or a low supply of something, will often result in price increases | scarcity |
| Producers decide what to produce, how to make it, and sell to producers in a ________ | market economy |
| In a ________, the government decides what to produce, how it will be produced, and whom the goods should go to. | command economy |
| The people who buy Nike shoes are ________. | consumers |
| The price of an item will increase if the ________ is low. | supply |
| The Nike company is a ________ of shoes and sporting goods. | producer |
| ________ is the study of the making, buying, and selling of goods and services. | economics |
| Often times in a command economy, workers are required to make a certain amount of goods daily, which is known as a _______. | quota |
| How will the following situation affect the supply/demand and price of beach chairs? There is a shortage of the material that is used to make the metal frames for the beach chairs. | supply decreases price increases |
| Which 3 institutions interact with each other in the economic cycle? | households, businesses, government |
Created by:
mrsdyer316
Popular Social Studies sets