Economics Flashcard Review

Front

What is a fundamental problem of economics that describes a mismatch between wants and needs (demand) and goods and services (supply)?

Back

scarcity

Front

What are the three basic economic questions?

Back

Who gets what is produced?

Front

In a free market system, what primarily determines the price of goods and services?

Back

Supply and demand

Front

An economic system where the government dictates who gets good and services.

Back

communist

Front

Which location is most likely to host a primary sector activity? Options: In a bustling city center, In a country's capital, In a quiet suburban area, In a remote countryside

Back

In a remote countryside

Front

What sector of the economy does Aiden's job as a teacher belong to?

Back

tertiary

Front

A miner uses a drill to extract diamonds.

Back

primary

Front

A butcher transforms cattle into beef steaks. What type of industry does this represent? (Options: primary, secondary, tertiary, quaternary)

Back

secondary

Front

What activities are primarily associated with the quaternary sector?

Back

Research and development

Front

Which of the following is an example of a tertiary sector activity? Conducting scientific research, Fishing in a lake, Manufacturing cars, Providing legal advice

Back

Providing legal advice