Econ Notes Review

Flashcard
•
Social Studies
•
6th - 8th Grade
•
Hard
Standards-aligned
Quizizz Content
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12 questions
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1.
FLASHCARD QUESTION
Front
The situation of not having enough resources to satisfy all one’s wants (in English)
Back
Scarcity
2.
FLASHCARD QUESTION
Front
For your birthday you are planning a sleepover. You have 3 very close best friends. However there is only space for 2 of them at the sleepover. This is an example of?
Back
Scarcity
3.
FLASHCARD QUESTION
Front
The study of how individuals and nations make choices about the ways to use scarce resources to fulfill their needs and wants (in English)
Back
Economics
4.
FLASHCARD QUESTION
Front
Which type of economy does the U.S. have?
Back
Market Economy
5.
FLASHCARD QUESTION
Front
If the product is high in demand what does that mean?
Back
It indicates strong consumer interest and a potential for increased sales.
Answer explanation
If there is NO demand for booger flavored chips then people do not want them.
6.
FLASHCARD QUESTION
Front
If the supply of booger flavored chips is high and the demand is low what might happen?
Back
Prices may decrease due to having a lot of chips.
7.
FLASHCARD QUESTION
Front
If the demand is high for an xbox but supply is low what might happen?
Back
Prices may increase due to high demand and low supply.
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