Microeconomics
What are the two axis's called on a graph?
X Axis - Quantity
Y Axis - Price
Who owns all economic resources in the circular flow system?
Households or Businesses?
Households
What is one of the three economic questions all societies have to answer?
What to produce?
How to produce?
For whom to produce?
What is one reason countries and indivduals trade?
Resources they need
Establish relationships
To sell extras of what they have.
Name of our our national documents
Constitution
Declaration of Independence
This is the term we use when something is required to sustain life
Example Food,Water,Air,Shelter
Needs
What type of economic resource is this?
People (also known as labor): the mental and physical abilities and skills that allow them to make contributions in the workforce.
Examples: construction workers, factory workers, teachers, doctors, truck drivers, farmers, secretaries, actors, engineers, garbage collectors, and many other occupations
Human Resources
Read the following scenario: What type of economic system would this group be?
We are hunter and gatherers who follow our traditional values. We do what are parents did before, and we don't use much technology.
Traditional
What is interdependence?
When two or more people or groups rely on each other to get what they need.
What is the name of the 10-20 members in a criminal court trial who declare the accused innocent or guilty?
The Jury
Read the following scenario, and answer with what determinant of Supply is it?
The government has decided to put a tax on all new computers created in the United states
Change in Government Policy
What financial institution is responsible for giving out loans and giving interest to savers
Banks
What type of economic systems is almost every modern country including the United States
Mixed economy
Which of the following is an example of domestic.
A) Ford truck created in China
B) Blueberries from Delaware
C)Backpacks from Vietnam
B) Blueberries from Delaware
What do we call the first part of the United States Consitution?
The Preamble
Read the following scenario, what determinant of demand is it? The market is for Grape Jelly
The price of peanut butter increases.
Change in price of a complement
What is GDP per capita?
The total amount of goods and services created in a country divided by the total amount of people living in the country. Measures the standard of living inside the country
This following Broad Social Goal asks the question
"Do I get to decide where I work or live?"
It is all about choice and freedom to choose where you work or live.
Economic Freedom
What is the difference between imports and exports?
Imports are items coming into the country
Exports are items leaving the country
What is one of five the purposes of government?
Maintain order
Establish Justice
National security
Provide Public Services
Manage Resources
What will happen to price and quantity demanded when the following scenario happens.
Headline: Hottest day of the year
Market: Ice cream sales
Price Increases
Quantity Demanded Increases
This government institution is responsible for controlling the inflation rate by changing the interest rate and how much money Banks have to keep.
The Federal Reserve
Read the following scenario: What broad social goal would this society value?
Our government provides for us. They provide Medicare, car insurance, and life insurance. Whenever something unexpected happens we are protected.
Economic Security
Read the following scenario, what type of trade barrier is is.
The United States has decided that China can only export 200 iPhones each year
Quota
What branch of government is NASA under?
The Executive branch