Economics - 7th Grade

Economics - 7th Grade

Assessment

Flashcard

Other

7th - 9th Grade

Hard

Created by

Wayground Content

FREE Resource

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26 questions

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1.

FLASHCARD QUESTION

Front

A card in which you borrow money that you agree to pay back later.

Back

Credit Card

2.

FLASHCARD QUESTION

Front

Money that is paid to the government on products, property, and the money you earn is called

Back

Taxes

3.

FLASHCARD QUESTION

Front

When there is a lack of resources to sell, such as a shortage on toilet paper during Covid, this is referred to as a(n)

Back

Scarcity

4.

FLASHCARD QUESTION

Front

Creating an organized plan as to where the money you earn on a regular basis will be allocated is called

Back

budgeting.

5.

FLASHCARD QUESTION

Front

The total money you earn BEFORE taxes and insurance are taken out.

Back

Gross Salary

6.

FLASHCARD QUESTION

Front

The total amount of products made and services provided in a country within a year is called

Back

Gross Domestic Product or GDP

7.

FLASHCARD QUESTION

Front

If prices are increasing that is referred to as

Back

Inflation

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