Basic Economic Concepts
Economic Systems
Roles in the Economy
Trade and Production
Functions of Money
All About Joseph
100
True or False: Scarcity is just about food products
False - Scarcity is about all resources, not just food.
100
In a free market economy, most economic decisions are made by ____________.
Businesses and consumers
100
What emotions do people feel when they spend, save, and earn money?
Varies
100
What is exports?
Goods or services that are sold to other countries.
100
Because something is scarce, people are willing to pay (more / less).
More – Scarcity makes people willing to pay more.
100
What is Ajarn Joseph's favorite basketball team in the NBA?
Los Angeles Lakers!
200
If a product costs more, consumers will usually ____________.
Buy less of it.
200
Which economic system allows businesses to decide on what to sell, relies on supply and demand and has limited government involvement?
Market Economy
200
What is deflation?
The decrease in the price of products over time.
200
What is imports?
Goods or services that are bought in from another country.
200
The quantity of a good rises when the price of the good ____________.
Falls / decreases.
200
Before knowing Jesus Christ, Ajarn Joseph was a _________ in Highschool. (Hint: He always dressed up in black)
Goth
300
Give an example of Opportunity Cost.
Example: Choosing to buy a video game instead of going to the movies means missing the movie (the movie is the opportunity cost).
300
What kind of economic system does Thailand have?
Mixed economy
300
What is Capitalism?
An economy in which individuals own the resources used to produce goods and services.
300
What is International Trade?
Buying and selling between two different countries
300
Explain what "Store of Value" is
Something that keeps its value and can be saved for future use.
300
Where was Ajarn Joseph born?
Philippines
400
Scarcity is when you have __________ resources to meet __________ wants.
Limited / unlimited
400
If the government controls what is made, sets prices and assigns jobs, this is a what kind of economic system?
Command economy
400
Why do businesses compete in a capitalist economy?
To attract customers and make more profit.
400
What are tariffs?
Taxes on goods that go from one country to another.
400
Explain what "Unit of Account" is
A way to measure and compare the value of things.
400
How many tattoos does Ajarn Joseph have?
3 and no more haha
500
Explain what inflation is using the words “prices” and “value of money”.
Inflation is when prices rise and the value of money decreases.
500
What is a mixed economy?
An economy that combines elements of both market and command systems, with both private businesses and government making economic decisions.
500
What are the four (4) major economic systems?
Traditional, market, command, and mixed
500
What does a supply chain start with? What does a supply chain end with?
Starts with raw materials → ends with the consumer buying the finished product.
500
Explain what "Medium of Exchange" is
Something used to buy goods and services.
500
What is name of the college Ajarn Joseph graduated from?
University of California: San Diego or UCSD