GDP
Circular Flow Model
Capitalism
Wild Card
100
What country has the highest GDP?
Double Points: What is the the GDP in $?
United States
Bonus Points: $25-27 trillion
100
What are the two people/entities called in the Circular Flow Model?
Consumers/Households & Businesses/Firms/Producers
100
What is capitalism?
Private citizens owning & deciding how to use the factors of production
100
Is the Study Guide a grade?
Yes
200
What is the definition of GDP?
The total market value of all final goods & services in a single year
200
What are the two Markets called in the Circular Flow Model?
Factor Market & Product/Resource Market
200
What do we call a place where goods, services, and factors are bought and exchanged?
A market
200
Which arrow (color) is the Flow of Goods, Services, and Factors of Production?
Pink Arrows
300
What is the connection between GDP per capita and standard of living?
Answers can vary!
300
What are the four factors of production?
Land/Natural, Capital, Labor, & Entrepreneurship
300
Give an example of division of labor
Any answer the discusses specific roles in making a product
300
Jim owns a bookstore that sells books and hosts weekly book talks with authors. In order to attend the book talks you must purchase a ticket.
1) Jim’s Bookstore will sell tickets to you in the _________ market.
2) Jim is an example of a(n) _________ resource.
1) product
2) entrepreneurial
400
Give an example of something that would be excluded from GDP.
Answers can vary! (Any intermediate good)
400
If Jacob is buying a sandwich what sector is he buying from?
Product Market
400
Give an example of the profit motive
Any answer about someone starting a business
400
Give 5 examples of natural resources
Any 5 examples of natural resources!
500
How do you measure GDP?
Multiply the price of each good sold by the quantity produced. Then add it all together.
500
Draw the Circular Flow Models
*Be the most detailed!
500
Give an example of specialization.
Any answer that talks about someone or a business solely focusing on one goods or services to produce with efficiency.
500
Solve for Country A's GDP:
100 Bikes sold for $200 each
5,000 Apples sold for $5 each
GDP = $45,000