What are North America, South America, Europe, Asia, Africa, Australia, Antarctica (20)
100
This law refers to the seller. As prices go up, the seller wants to produce more goods.
What is the law of supply. (23)
100
This type of economy is based on customs and traditions. Most people hunt or grow crops for food.
What is traditional economy. (11)
100
This is the economic problem in which many people cannot find a job.
What is unemployment (8)
100
This term is the economic situation in which there is a limited supply of resources.
What is scarcity (9)
200
This is the difference between a continent and a country.
What is a continent is a large landmass, separated by oceans, but a country has political boundaries (man-made) and its own system of government. (12)
*Generally countries are smaller, and many countries are on 1 continent.
200
This law refers to the consumer. When the prices are low, the consumer will want to buy more. When prices are high, the consumer will buy less.
What is the law of demand (6)
200
This type of economy is when the government controls the entire economy and tells you what type of job you will have. It's related to communism.
What is command economy. (21)
200
This is what Thomas Friedman means by "hot."
What is global warming of the planet (due to pollution...) (2)
200
What is the formula to calculate profit?
What is: selling price - cost to make = profit (18)
300
This country is located in the Middle East. It has a market economy, and many people have a high standard of living. It's capital is Riyadh. This country exports oil and 100% of the country is Muslim.
What is Saudi Arabia. (4)
300
Draw the supply and demand curves. Label the point that represents the best selling price & number of goods to produce.
Drawing should look like an "X" (supply going up, demand going down.) A dot should be drawn where they meet. (25)
300
In this type of economy, individuals control production. What to produce and what price to sell it at are determined by what the people want (demand.) For the people that succeed in business, this system gives them a higher standard of living.
What is market economy. (24)
300
This is the economic problem in which people have jobs that are overqualified for, and thus making less money than they should be.
What is underemployment. (14)
300
This term refers to what you give up when you choose to spend your resources on something else.
Example: You have 10,000. You can go to college for a year, or buy a car. You choose to go to college. What does the car represent?
What is opportunity cost (1)
400
This country has a command economy. It is an island in the Caribbean, 90 miles from Florida. Its leader is Fidel Castro.
What is Cuba. (15)
400
This is the term for the point on the graph where the supply and demand curves meet. It represents the best selling price & number of goods to produce.
What is the equilibrium point. (22)
400
These are the 4 types of economies
What are market, command, traditional, & mixed. (16)
400
This is what Thomas Friedman means by "crowded."
What is there are too many people on the planet and only a limited number of resources (3)
400
This is the study of the most efficient use of resources.
What is economics. (7)
500
This country has a traditional economy. As a result, the standard of living is low. It is located on the west coast of Africa, near Ghana, and many people speak French.
What is Cote d'Ivoire (or Ivory Coast). (10)
500
These are examples of things that would shift the demand curve up (to the right). In other words, what would cause people to demand more of a product without the item going on sale?
What is: popularity trends, change in price of related/complementary goods, more disposable income (making more money.) (5)
500
These are the 3 questions every economic system must answer. How each country answers them, depends on the type of economy they have.
What are: 1) What will be produced? 2) How will it be produced? 3) For whom will it be produced? (13)
500
This is what Thomas Friedman means by "flat."
What is the globalization of business creating a more even or "flat" playing field, which requires the US to work harder to keep its place at the top. (17)
500
These are the 4 resources needed for production.
What are land, labor, capital (machines, etc.), and management. (19)