Is this a good idea?
Someone who manufactures products:
Producer
_____________: the amount and the value of goods and services produced (outputs) from set amounts of resources (inputs).
productivity
What can you do about test anxiety???
The Statue of Liberty was given to the US by which country?
France
_______________: an organized effort to produce and/or distribute goods and services.
business
Name an example of a service business?
(Something intangible, like a haircut)
This type of Business usually sells their items in "Bulk"
wholesale company
Someone who buys products
consumer
Quantity of a good or service that producers are able and willing to offer for sale
supply
Type of "wants" that can be satisfied without spending money are known as
non-economic wants
What organ does an octopus have three of?
heart
A company purchases lumber and turns it into furniture. The company is primarily a:
manufacturer
This or that?
This: challenge ONE person from another team to answer three business questions. If they answer all three correctly, they earn your points for this question
That: Select ONE team to answer your team's next question (they will either earn or lose points for you.)
____________: the day-to-day activities required for continued business functioning.
operations
Cotton is an example of a __________ resource.
natural
Giving up one thing for something else is:
trade off
Which mammal has no vocal cords?
Giraffe
When people want things they haven’t earned, they are motivated by
greed
The two main divisions of the trade industry are
wholesale & retail
Christmas Karaoke!! Your group must sing until Ms. Payne stops the music
________ is the quantity of a good or service that buyers are ready to buy at a given price at a particular time
demand
How many eyes does a bee have?
Five
A customer gives a coffee shop $5 and receives a drink. This transaction is an example of:
exchange
According to the law of supply, a higher selling price generally encourages producers to:
offer more for sale
The 'Gap' between unlimited desires for products and limited resources is known as
scarcity
Consumers purchase these items quickly and without much thought or effort
convenience
Parts such as screws, materials, parts belong to what classification?
industrial
True or False: Money is a capital good
FALSE
Yes: Answer 5 business questions in a row (your team only)
No: Christmas Karaoke (sing until Ms. Payne turns the music off)
Drink A costs $3 and Drink B costs $6. What is the relative price?
Drink B is twice as expensive as Drink A.
A _____ market is characterized by large supply, small demand, and low prices.
buyer's
A group of individuals wants to open a museum that will display items from early settlers of the area. The group will charge just enough admission to pay the museum’s operating expenses. Will the museum be a business?
Yes, earn DOUBLE POINTS for which type of business
CHALLENGE: Pick one person from your team to go against any one person from another team in a duel.
Name all of Santa's reindeer.
Which behavior best describes the primary business activity of operations?
a. hiring qualified employees
b. planning for future success
c. producing goods and services
d. keeping accurate financial records
producing goods and services
What colors are on the flag of Japan?
Red and white
According to the law of demand, if price increases and everything else remains the same, quantity demanded will generally:
decrease
Which statement BEST explains why price is more than simply "what something costs"?
A. Price determines whether a product is a good or service.
B. Price communicates market information and influences economic behavior.
C. Price eliminates scarcity.
D. Price determines consumers' income.
B. Price communicates market information and influences economic behavior.
CHALLENGE: Pick one team for a duel.
List the 9 ethical principles we studied in class
One way in which a business can show its social responsibility is by __________ its profits.
maximizing
These are items with special or unique characteristics that consumers are willing to exert special efforts to obtain.
specialty products
What can producers do to overcome a problem with limited human resources?
Offer training, more money
Who was the first American astronaut to step foot on the moon?
Neil Armstrong
A company introduces new technology that makes its products cheaper to manufacture. What will MOST likely happen?
supply increases
When a choice is made about the best use of resources, the next-best alternative that is given up is called the __________ of that choice.
Opportunity cost
Jeff owns a successful landscaping business. Landscaping is an example of a/an:
DOUBLE points earned: which type of ________ is it?
service, intangible
Demand is constant, even if prices change (ex: Gas)
INELASTIC demand
Christmas Karaoke: Select one member of each group to sing until Ms. Payne stops the music. If not all groups participate, YOU lose points.
What insect has 12 eyes?
a caterpillar
Wages for skilled welders increase substantially because employers cannot find enough qualified workers. The higher wage may encourage more people to obtain welding training. In this example, the wage is functioning as a(n):
incentive
Which example BEST demonstrates price rationing a scarce product?
A. A company advertises its new phone.
B. A farmer grows more corn.
C. Concert ticket prices rise, causing some potential buyers to choose not to attend.
D. A retailer opens another store.
C. Concert ticket prices rise, causing some potential buyers to choose not to attend.
Beverly noticed that during the holiday season, her business needs more inventory, which also increases her:
a. debits b. profit/revenue c. holding cost
b. profit/revenue
Waka Waka TEAM dance: All team members must participate.
Made by manufacturers
Ex: Phones, machines, vehicle
capital goods
TRIPLE POINTS EARNED OR LOST: What are the three things we learned about wants? (must get all three correct)
Wants are unlimited, wants are competing, wants are constantly changing
Which bone are babies born without?
knee cap
DOUBLE POINTS CHALLENGE: Sing a Karaoke solo
Singer's choice
Yes: You must get MORE than 50% of your classmates to dance. (TRIPLE POINTS)
No: Sometimes the risk pays off, sometimes it doesn't. (LOSE 2500 points)