GDP and Profit
What Does GDP stand for?
What is Gross Domestic Product?
What is supply and demand?
What is the amount of a commodity, product, or service available and the desire of buyers for it, considered as factors regulating its price?
What is profit?
What is the money that the sellers after the costs of producing a product are paid?
What is an entrepreneur?
What is the people who bring natural resources, labor resources, and capital resources together to produce goods and services?
A style of shoes was once very popular, but is now not as popular.
The price declines
What word is used to compare the economies of different countries?
What is GDP?
What would happen if the price for a new purse went up?
Who are consumers?
Who are people that buy goods and services?
What are the four factors of production?
What are entrepreneur, labor resources, natural resources and capital resources?
Chevy was just named as the #1 most unsafe car.
The price declines
What is the definition of GDP?
What is the total value of all goods and services a country produces each year?
What condition would lead to the highest prices?
What is low supply, high demand?
What is a command economy?
What is an economy in which production, investment, prices, and incomes are determined centrally by a government?
What is a free enterprise/market economy?
The government plays a limited role.
There is a shortage of beef, which results in the price of steak.
The price increases
How do you determine profit?
What is by looking at the total price of what a business makes?
When will companies produce more of a product?
What is when they can sell it for a higher price?
What is a traditional economy?
What is an economy that relies on history and custom-beliefs?
How is the price of goods decided in the U.S. economic system?
U.S. citizens and businesses make most economic decisions.
A very popular video game just came out.
The price increases.
Joe decided to start making tables to sell. He makes 10 of them. It costs him $6 to make each table. He decides to sell them for $20. How much will be Joe's total profit for selling the tables?
What is $140?
Why do prices go down when consumers start saving their money?
What is consumers are not as willing to spend their money on goods and services?
What are natural, labor, and capital resources?
Natural- raw resources such as minerals, forests, and water
Labor- People with skills
Capital- Machine and tools
What country has the highest GDP?
China
A lot of farmers lost their corn crop; I want some corn with my dinner tonight.
The price increases