Economic models
What are the three most common types of economic systems?
Capitalism, Socialism, Communism
What are the five sectors of the economy
Primary, Secondary, Tertiary, Quaternary, Quinary
What does "revenue" mean?
The total income a business earns before expenses.
What does "raw material" mean? (Provide examples)
A basic substance used in production, such as wood, oil, or metals
What type of economic system is primarily used in El Salvador?
Capitalism
In a capitalist system, what determines the price of goods and services
Supply and demand
What sector involves extracting raw materials like mining and agriculture
Primary sector
You won
200 points
Define "manufacturing"
he process of turning raw materials into finished goods.
What is the primary disadvantage of mining in the primary sector?
Pollution.
What is a key disadvantage of socialism in terms of taxation?
High taxes to fund public services
Provide examples of activities involve in the tertiary sector.
Healthcare, tourism, and retail.
What does "profit margin" mean in Spanish? (You cannot get help)
"Margen de ganancia"
Define "supply and demand." provide an example
The relationship between the availability of a product and how much people want it.
You lost
300 points
How does communism differ from socialism in terms of government control?
Communism involves complete government control, while socialism allows some private ownership
You lost
400 points
If a business spends $3,000 on production and earns $5,000 in revenue, what is its profit?
2,000 dollars
Bonus
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What does "raw material" mean in Spanish? (You cannot get help)
Materia prima.
You have won...
500 pts
Bonus.
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If a company sells 300 items at $45 each, but a competitor reduces their price to $40, what is the total revenue loss if the company loses 50 sales?
50 × $45 = $2,250 lost revenue
In a socialist economy, why does the government control key industries?
To ensure equal access to essential services like healthcare and education
Bonus
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