Goods & Services
Define goods and provide an example.
What is something tangible, a cell phone.
What are the three types of economic resources? Provide an example of each.
What is Capital, Human, and Natural
What happens to the price of an item when supply increases but demand stays the same?
What is prices go down
What does GDP stand for?
What is Gross domestic product
What is the unemployment rate, and why does it matter to businesses?
What is the percentage of people who are actively looking for a job but not employed
Define services and provide an example.
What is something done for you, a haircut.
Explain how inflation can reduce the value of economic resources over time.
What is as prices rise the amount you can buy with a dollar decreases.
What happens to the price of an item when supply decreases but demand stays the same?
What is prices increase
What does GDP measure about a country’s economy?
what is the total monetary value of goods and services a country produces.
What is the national debt?
What is 36 Trillion
What are goods and services produced with?
What is economic resources
How does technology improve the use of economic resources?
What is things become more efficient
What is the point where market demand and prices meet.
What is market price or market equilibrium
Give an example of something not counted in a country’s GDP and explain why.
What is some that is resold, it has already been counted towards GDP
What are the 3 types of business ownership?
What is Proprietorship, Partnership, Corporation
What is the basic economic problem businesses face when producing goods and services?
What is scarcity
Name two economic systems and explain how they differ in government control.
Student explaining
What happens to GDP in periods of recession?
What is GDP falls
Explain how businesses decide if they will produce more based on expected returns and economic forecasts.
What is when the economy is forecasted to grow businesses will likely produce more. As GDP decreases businesses produce less.
Which form of ownership is seen as its own person?
What is corporation
How do businesses decide which goods or services to produce when resources are limited?
what is the most profitable items
What are the three economic questions that all economies must answer?
What is What to make, how to make it, who to make it for.
What is one way the government influences or controls supply and demand in markets?
What is with price ceiling’s, price floors, subsidy’s, taxes, tarrifs, interest rates.
What are the six steps in the decision-making process for businesses?
Define the Problem
Identify the Choices
Evaluate the Advantages and Disadvantages of Each Choice
Choose the Best Alternative
Act on Your Choice
Review Your Decision
What are the two types of liability and which types of ownership have each?
What is Limited and unlimited.