Intro to Economics
What are tangible items that can be bought or sold?
Give 2 examples!
What is the amount of a good or service that is available for consumers to buy (the total stock)?
Give one example!
What is: Supply
What are the four types of factors of production?
What is: Land, Labor, Capital, Entrepreneur
What is poverty?
What is it called when there is no form of rule or government in a society?
What is: Anarchy
What are intangible actions done by people?
Give 3 examples!
What is: Services
What is the consumer's desire to purchase a good or service?
Give an example!
What is: Demand
What are the three types of industry?
Double Points: What do they mean?
What is: Agricultural, Manufacturing, Service
What is: A measure of wealth and material comfort that is available to a person.
What type of government does the U.S. have?
What is: Representative Democracy
Who is a person that risks starting a business in order to make a profit?
What is: Entrepreneur
What is it called when there is a shortage, or limited supply, of a product?
Double points: What is it called when there is too much, or an excess, of a product?
What is: Scarcity
Bonus: Surplus
Name 3 forms of Labor
answers may vary, ex: hair dresser, nail tech, cashier, teacher, police officer, firefighter, etc.
What is the difference between a developing nation and developed nation?
What is: A developing nation has less economic activity, incomes, and a lower standard of living.
A developed nation has lots of economic activity, higher GDP, and higher standard of living.
What is a limited government? Unlimited?
What is: A limited government is where there is a constitution, and the power of leaders is restricted. An unlimited government is where one ruler or a few people have total decision making power.
What is all types of businesses that are related to the same good or service?
Give 3 examples!
What is: Industry
What is the economic system in which prices and wages are determined by competition between businesses?
What is: Free market
What is the definition of capital?
Give 5 examples of capital needed to produce and sell jolly ranchers!
What is: Capital is man made objects or money used to make a product or perform a service.
Ex: Sugar, Oven, Dye, Boxes, Wrappers, etc.
What does GDP stand for and what does it mean?
Bonus (+200): What is it called when GDP is divided by the total population of a country?
Bonus: GDP per capita
What is the type of government where a few very powerful individuals rule over everyone?
What is: Oligarchy
What is the system for how goods or services are produced and distributed in a society?
What is: Economy
What is the price point where supply and demand intersect, used to determine market price?
What is: The market equilibrium
Use all four factors of production (land, labor, capital, entrepreneur) to describe how lays chips are produced and sold.
Answers may vary.
What are economic indicators?
Name 3, and what they mean.
What is: Statistics about a place that help you understand the condition of it's economy.
Ex: Literacy rate, Infant mortality rate, GDP, Life expectancy, etc.
name the 7 continents and 5 oceans.
WHAT COUNTRY DO WE LIVE IN?
Asia, Africa, Antarctica, Australia, Europe, North & South America. Pacific, Atlantic, Southern, Arctic, Indian.
WE LIVE IN THE UNITED STATES OF AMERICA!!!!