Economics 1
What is the U.S. currency called?
What is the U.S. Dollar
What is the term for a basic requirement for survival?
What is a need
What is a want
What is an economic product, or work, that is performed for someone?
What is a service?
What year did the United States become independent from Great Britain? (Think July 4, ______)
What did SpongeBob and Patrick sell in the episode we watched last week?
What is chocolate bars
What is an item that lasts 3 years or more when used on a regular basis?
What is a Durable Good
What is the fundamental problem that is being faced by all societies?
What is Scarcity
What is Economics
How many feet are in a mile?
What is 5,280
What does tangible mean?
What is to be able to touch or physically hold
What is a Capital Good
What is an item that lasts for less than 3 years when used on a regular basis?
What is a Nondurable good?
What is an item that is intended for final use by consumers or individuals?
In what year was the Apple Iphone Released?
What is 2007?
What does intangible mean?
What is something that is an idea or is not a physical item
_______________ is the sum of al products that are tangible, scarce, have utility, and are transferable to one person or another.
What is Wealth?
What is a term that refers to a worth that can be expressed through dollars and cents?
What is value?
True or False -- Income and Wealth are the same thing?
What is the only U.S. state with a name that ends in three consecutive vowels?
What is Hawaii
What does monetary value mean?
It is the dollar and cents value of something
What does G.D.P. stand for?
When something, like water, is worth very little, and another item, diamonds is worth a lot, this is called what?
What is the Paradox of Value
True or False -- Goods ARE NOT counted as wealth
What is False
Which country makes up more than half the western coastline of South America?
Chile